On 6th October 2020, Treasurer Josh Frydenberg handed down a Federal Budget that reflects an extraordinary year in Australia’s history. The unprecedented spending program to support health and livelihoods in the face of the global pandemic, together with the associated economic fall-out, has resulted in an anticipated Budget deficit in 2020-21 of $214 billion with further deficits anticipated over the medium term. This year’s theme is about jobs and investment, and the necessary steps Australia must take on the long road back to restore employment to pre-pandemic levels.
The key announcements were:
Stage 2 personal income tax cuts to be brought forward from 1 July 2022 to 1 July 2020
Businesses with turnover of less than $5 billion can write off the full value of eligible assets used or installed by 30 June 2022
Companies with turnover of less than $5 billion can carry back losses incurred in the 2019-20 to 2021-22 years
New JobMaker Hiring Credit measure to encourage employers to hire young workers
Proposed Research & Development amendments refined and deferred to 1 July 2022
Government to invest additional $14 billion in new and accelerated infrastructure projects over the next four years
Record funding for hospitals, schools, childcare, aged care and disability services
100,000 new apprenticeships and $1 billion in university research funding
Aged care funding up $2.2 billion, including $1.6 billion for 23,000 additional home care packages.
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