The Koustas ORAcle | Melbourne Accountants

ISSUE #146 - 2020-21 Federal Budget - A road to recovery paved with cash

Written by Koustas + Co | Oct 7, 2020 3:52:27 AM

 

7 October 2020

 

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

 

To access our 2020-21 budget update - click HERE