The much anticipated Federal Budget was handed down last night, outlining its plans to help the country rebuild post coronavirus, despite also revealing a grim economic state. Here’s a breakdown of some of the key points:
- JobMaker Hiring Credit Scheme designed to give businesses incentives to take on additional young people seeking jobs.
- Small business tax concessions.
- Immediate deductions for asset purchases of any value will be available to businesses with a turnover of up to $5b.
- Individual tax cuts have been brought forward and are effective as of 1 July 2020.
- Individuals will keep their existing superannuation fund when they change jobs.
For further details read the Federal Budget Tax and Accounting Overview.
If you would like any further information on how the budget may affect you please contact your accountant or adviser.