Latest News from Newealth

7 Oct 2020

2020 Australian Federal Budget

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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