The Federal Treasurer, the Hon. Josh Frydenberg MP, delivered the 2020 Federal Budget on 6 October 2020.
As widely anticipated, the announcement included bringing forward personal income tax cuts already legislated. Together, these changes deliver tax relief to low- and middle-income earners for the 2020-21 income year of up to $2,745 for individuals and up to $5,490 for dual-income families.
The Treasurer also announced a range of taxation benefits for small and medium businesses, intended to stimulate the business sector leading to jobs growth.
This summary from our partners at Macquarie, provides coverage of the key issues of most interest to you.
Click on the relevant headings to read further details:
- Immediate personal tax relief for individuals
- Exempting granny flat arrangements from capital gains tax
- Extension of the provision allowing small business to instantly write-off asset purchases
- Temporary loss carry-back to support cash flow
- Covid-19 response package – Victorian Government grants
- JobMaker hiring credit
- Superannuation reform
- Covid-19 response package – further economic support payments
If you have any questions, or would like further information on how these announcements may impact you or your family, give us a call on (07) 3371 0866 or schedule a free 15 minute chat. We’re here to support you in any way we can.