Your Knowledge

2020-21 Federal Budget Summary

On Tuesday, 6 October 2020, Treasurer Josh Frydenberg handed down the 2020-21 Federal Budget.

By comparison to many, Australia has managed the COVID-19 pandemic well, but good management isn’t enough to protect us from the $213.7 billion deficit in 2020-21. The Government has taken to heart the old adage, “You have to spend money to make money” to trade our way out of a black hole.

Key initiatives include:

Personal income tax cuts from 1 July 2020
A $4 billion ‘JobMaker’ Hiring Credit to encourage businesses to take on additional employees aged 16 to 35 years old
$110 billion in infrastructure investment over 10 years
Immediate deductions for business investment in capital assets
Changes to how companies can manage losses
Access to generous tax concessions for a wider range of businesses

Please use the link below to access our full client guide on the 2020-21 Federal Budget.

As always, should you wish to discuss the content further you can contact our office on 9540 6888 or via email at info@fmapartners.com.au

Access our 2020-21 Budget Client Guide

Please note, this guide is general in nature and should not be relied on as advice to you. The various budget measures will apply differently for each client and may change before becoming law. It is important that you understand how your specific circumstances are impacted and seek our professional advice to understand what assistance can be obtained.

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FMA Partners Pty Ltd · Suite 5 379 Port Hacking Road · Caringbah, NSW 2229 · Australia