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Federal Budget 2021-2021

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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