Budget 2020-21: Road to Recovery
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".
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.
It's important to talk to your accountant to make sure you get it right. Please call us on 03 9836 2900 or email info@kidmanspartners.com.au.
- $213.7 billion deficit in 2020-21
- Personal income tax cuts from 1 July 2020
- $4 billion JobMaker Hiring Credit for employees aged 16-35
- $110 billion infrastructure investment over 10 years
- Immediate deductions for business capital asset investment
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