After dissecting the Government’s Federal Budget announcement last week, we now provide you with the key tax and accounting points we think you should be aware of.
This year’s Budget was touted as the most significant Budget in decades, reflecting an extraordinary year that has Australia reeling from the impacts of a global pandemic.
Focusing on spending, employment and health, it paves the way for the long road back to surplus, and out of the first recession in 30 years.
Key points to note:
- Changes to personal income tax rates, effective from 1 July 2020. Subsequent to the Budget announcement last Tuesday, both Houses have passed the legislation, now awaiting Royal Assent;
- Expanding the access to Small Business Tax Concessions for businesses, including a JobMaker Hiring Credit;
- Extension and expansion of the immediate deduction for depreciable assets;
- For eligible companies, temporary loss carry back; and
- Only very minor changes to superannuation.
For a full summary of the Budget, we enclose a link below, to the 2020 Federal Budget Summary as prepared by NTAA (National Tax & Accountants’ Association Ltd).
Please read through this document for a full analysis of the announcements.
NTAA Budget Summary: Budget Handout 2020-21 NTAA
Should you require specific advice regarding the new measures, please don’t hesitate to contact our office on
07 5532 4555.
The Lutz Team