Federal Budget 2020
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 COVID-19.
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.
Related Insights
Tony Bedworth embraces a “Sea Change” while staying committed to clients
Tony Bedworth embraces a “Sea Change” while staying committed to clients
Tony Bedworth begins a four-day remote role from Airey’s Inlet, maintaining full client support and continuity at Murray Nankivell.
Cybersecurity Tips to help keep you and your information safe
Cybersecurity Tips to help keep you and your information safe
Protect your financial data with strong passwords, MFA, phishing awareness, updates, secure Wi-Fi, account monitoring, backups, and trusted cyber advice.
Now & Next – Issue 25
Now & Next – Issue 25
Retirement spending shifts across three stages, requiring adaptable planning and income strategies to balance early lifestyle goals, later stability, rising care costs and longevity risk.
We are here for you
We look forward to working with you to help you achieve a better financial future. Let us guide you on the path to financial success.
Contact your preferred Murray Nankivell office today.
