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October 7, 2020 by GPL Admin

2020 Federal Budget

 


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.

To read a more detailed summary of key proposals click here

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.

Contact PGD Financial Services

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87-95 Pitt Street Australia Square
Sydney 2000

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PGD Financial Services PGD Financial Services (ABN 64 095 596 339) are authorised Representatives of Godfrey Pembroke Group Pty Ltd (Godfrey Pembroke), ABN 38 078 629 973, Australian Financial Services Licensee 245451, a member of the IOOF group of companies.