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
Annual Farmers Day Ambrose
Annual Farmers Day Ambrose
Murray Nankivell proudly sponsored the 2026 Farmers Day Golf Tournament, with our team finishing 3rd of 58!
ATO Tax Agent Consolidation Update
ATO Tax Agent Consolidation Update
ATO consolidating our tax agent numbers by 1 March 2026. Check your ATO communication preferences to ensure your details stay correct.
Where country living meets expert accounting
Where country living meets expert accounting
And under skies like these, great people grow! Explore vacancies at Murray Nankivell, where rewarding careers and exceptional client outcomes go hand in hand.
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.
