Federal Budget 2020-21: Superannuation
The Government has announced the “Your Future, Your Super” package to improve the superannuation system and has confirmed a number of previously announced measures to apply from 1 July 2021.
The Government has announced the “Your Future, Your Super” package to improve the superannuation system and has confirmed a number of previously announced measures to apply from 1 July 2021.
Certain Fringe Benefits Tax (“FBT”) exemptions will now apply to businesses with turnovers between $10 million and $50 million. Retraining of redundant and redeployed employees will also be exempt from FBT. Record-keeping requirements may also be reduced in future.
The Government continues to expand the list of countries with exchange of information agreements, providing access to lower withholding tax rates and driving inbound investment opportunities into Australian managed funds.
The Government will introduce key corporate tax residency amendments for foreign incorporated companies, alongside a handful of minor international tax measures.
The Government has announced changes to the R&D tax incentive that will reverse many of the previous R&D reform measures introduced during the 2018-19 Budget and defer the start date to 1 July 2021.
In the midst of global economic uncertainty, it is no surprise that the Federal Budget 2020-21 is focussed on the roll-out of an enormous Government spending program, supported by a wide range of quickfire measures to encourage business investment and job creation. Whilst not focussed on long-term structural reform, the Budget is pragmatic in the circumstances.
Significant measures have been announced to support capital investment by business through an expanded instant asset write-off regime, coupled with a tax loss ‘carry-back’ rule which may provide additional cash to businesses. Additional measures are to be introduced to ensure certain Victorian Government Business Support Grants are not taxable. Return to Federal Budget hub Significant […]
There has been an increase in the Small Business Entity turnover threshold allowing more medium-sized businesses the ability to access various concessions.
The Government will bring forward previously legislated changes to reduce personal income tax to take effect retrospectively from 1 July 2020. This measure is designed to stimulate the economy by increasing the disposable income available to individuals. The cuts will be a welcome boost to the local economy and is one of the key initiatives of the Government’s JobMaker Plan.
We recently asked for your input on the key issues and policy areas most important to you ahead of this year’s Federal Budget.