On 6 October 2020, the Federal Treasurer, Josh Frydenberg, delivered the Federal Budget for the 2020–2021 income year.
The 2020-21 Federal Budget is a road to recovery paved with cash.
Key initiatives include:
- Personal income tax cuts from 1 July 2020
- A $4 billion ‘JobMaker’ Hiring Credit to encourage businesses to take on additional employees aged 16 to 35 years old
- $110 billion in infrastructure investment over 10 years
- Immediate deductions for business investment in capital assets
- Changes to how companies can manage losses
- Access to generous tax concessions for a wider range of businesses