The Treasurer delivered the Federal Budget on 6 October 2020.
The announcements include almost $50 billion in tax relief for businesses and individuals with a hope to return the economy to financial health as Australia experiences its first recession in almost 30 years.
What are the major tax implications of the recent budget?
- Temporary loss carry-back to support cash flow
- Temporary full expensing to support investment and jobs
- Research and Development Tax Incentive — supporting Australia’s economic recovery
- JobMaker – new incentives for hiring employees
- Increase the small business entity turnover threshold
- Fringe Benefits Tax — exemption to support retraining and reskilling
- Changes to tax brackets
- Low and Middle-Income Tax Offset
- Exempting granny flat arrangements from capital gains tax
If you need any help with any tax advice or any other accounting advice, give our team at SPS Business Consultants a call on (03) 9904 9261.
Sources – https://budget.gov.au/index.htm, https://www.minterellison.com/articles/federal-budget-highlights-2020-21