Budget 2020-21 – Road to Recovery?

The global economic outlook remains highly uncertain and the impacts of COVID-19 will continue to be felt in the Australian economy for years to come.  The Government has acted quickly and decisively to address the consequences and on Tuesday announced The Road To Recovery Budget 2020-2021.

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

For the full Budget 2020-21 information please click on this link Budget 2020-21