The Federal Budget has announced additional spending on the back of initiatives that have already been implemented by the Government during the year as a result of the economic impact of COVID19.
The key announcements include:
• the bringing forward of the individual tax relief planned for 2021, backdated to 1 July 2020
• a new loss carry-back for losses incurred up to June 2022 for companies with turnovers of up to $5 billion
• allowing most businesses to fully deduct any investment into depreciable assets until 30 June 2022 and
• a new JobMaker Hiring Credit for companies employing staff aged between 16 to 35 years old.
There were no changes to GST rules and changes to Superannuation were mostly limited to minor administrative changes.
For a more detailed overview of how the Federal Budget may affect business owners please click here.