Kidmans Partners

Kidmans Partners

Budget 2020-21: Road to Recovery

Oct 7, 2020

The 2020-21 Federal Budget is a road to recovery paved with cash.

By comparison to many, Australia has managed the COVID-19 pandemic well, but good management isn’t enough to protect us from the $213.7 billion deficit in 2020-21. The Government has taken to heart the old adage, “You have to spend money to make money” to trade our way out of a black hole.

We have created this client guide with the key summary items for you.

Key initiatives include:

  • Personal income tax cuts from 1 July 2020
  • A $4 billion ‘JobMaker’ Hiring Credit to encourage businesses to take on additional employees aged 16 to 35 years old
  • $110 billion in infrastructure investment over 10 years
  • Immediate deductions for business investment in capital assets
  • Changes to how companies can manage losses
  • Access to generous tax concessions for a wider range of businesses

It’s important to talk to your accountant to make sure you get it right. Please call us now on 03 9836 2900 or email us at info@kidmanspartners.com.au.

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