Budget 2020/2021

Written By Shauna Niland

The Budget for 2020/2021 has been released. With the impact of COVID-19 this budget has been proclaimed as the most important Federal Budget in decades. The key takeaways effecting businesses and individuals include:

  • Asset Write-offs – enabling businesses to deduct the full cost of new capital assets and for small and medium sized businesses, second –hand assets will also be covered.

  • Business Concessions – loss carry back provisions for businesses will be provided to offset current losses on to previous tax paid.

  • Cuts to personal tax rates – and also for Cash Handouts to pensioners and some other welfare recipients to stimulate the economy.

See below a link with further information provided by the NTAA.

Shauna Niland
Previous

Tax Tips: Deductible Expenses
Next

Tax Return Checklist