2020-21 Federal Budget Summary

JOBS, JOBS JOBS! That was the resounding theme of the 2020-21 Federal Budget. Closely followed by Spend, Spend, Spend.

Treasurer Josh Frydenberg delivered a budget where the key measures were aimed at small and medium enterprises (SMEs) and individuals. Providing incentives in an attempt to get businesses and households on the road to a post-COVID-19 recovery.

The Government is looking to businesses to provide employment opportunities through the implementation of a JobMaker Hiring Credit and wage subsidies for apprentices. In addition, businesses investing in capital assets may be eligible to claim an outright deduction.

The Government also went retro, recycling the loss carry back provisions. The aim is to claim back taxes paid on pre-COVID-19 profits against losses incurred during the pandemic. This measure is only available to corporate entities.

Individuals can look forward to lower tax rates with Stage 2 tax cuts being brought forward. The low and middle income tax offset will also remain for another year.

Read on for additional budget measures announced.