Last night the Treasurer, Josh Frydenberg, released the Government’s highly-anticipated 2020-21 Budget, featuring the bringing forward of tax cuts, superannuation reforms, measures for Centrelink clients and additional aged care funding.
The key initiatives in this year’s Federal Budget include:
- Tax cuts for low and middle income earners through bringing forward the ‘Stage 2’ tax relief, increasing the Low Income Tax Offset and retaining the Low and Middle Income Tax Offset in the current tax year
- Tax relief for businesses, including instant asset write-offs and Fringe Benefit Tax concessions
- A range of measures to maximise retirement savings for Australians, including a new online YourSuper comparison tool and changes to ensure an employee’s super fund follows them when changing jobs
- Additional payments (comprising two amounts of $250) for eligible income support recipients and concession card holders
- A capital gains tax exemption for granny flat rights supported by a formal written agreement.
For a budget wrap up from Jenneke Mills from MLC Technical watch this video
Please note the measures outlined in this Federal Budget Summary are proposals only and may or not be made legislated.
If you would like to discuss anything in this years Federal Budget please contact us on (02) 9241 3214.