7 Oct 2020
2020 Australian Federal Budget
- Posted by Dejan Pekic BCom DipFP CFP GAICD, Senior Financial Planner
The Federal Treasurer Josh Frydenberg has handed down his second Budget which was deferred from the original date of 12 May 2020 as a result of the COVID-19 Pandemic.
Some of the key measures include-
- Bringing forward Stage Two of the Personal Income Tax Plan to 1 July 2020
- Allowing businesses to expense capital investment and carry back losses to offset against previous year’s profits
- A new JobMaker tax credit to support businesses hiring new staff
It is important to remember that these Budget announcements are still only proposals and still need to be legislated.
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