Oct 07, 2020  | Tags: Budget

Our Insights

Last night the Federal Treasurer handed down the 2020/21 Federal Budget. 

Click here for a summary of the new initiatives.

What has changed?

The proposed changes and initiatives include:

• Jobs: focus with the introduction of the JobMaker and JobTrainer fund.
• Business Owners: Will be able to carry back tax losses from previous financial years and a $100-$200 per week hiring credit with Jobmaker to generate jobs.
• Social Security: those eligible will receive two payments of $250 from November 2020 and early 2021.
• Tax cuts: Such as no deficits tax on high income earners and bringing forward the personal income tax cuts by 2 years and backdating to 1 July 2020.
• Superannuation: New measures called 'Your Future, Your Super', focus on reducing fees and costs by increasing transparency and reducing the incidence of individuals with multiple super funds.
• Aged care: 23,000 additional home care packages.

Further Insights

We have produced the following summaries for you to review if you want to dive deeper into the details. 

• Families - How will the budget affect my family? Click here for more.
• Retiress - How will the budget affect my retirement? Click here for more.
• Small Businesses - How will the budget affect my business? Click here for more.

What next?

Please be aware these are only proposals and the Budget announcements still need to be passed by both the House of Representatives and the Senate before they become law.

As always if you have any questions, do not hesitate to contact us.

 

*This is general advice only and does not take into account your financial circumstances, needs and objectives. Before making any decision based on this document, you should assess your own circumstances or seek advice from a financial adviser and seek tax advice from a registered tax agent. Information is current at the date of issue and may change.