Budget 2020-21 Update
Posted 6 Oct '20
Posted 6 Oct '20
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 more employees aged 16-35 years old
– $110 billion in infrastructure investment over 10 years
– Immediate deductions for business investment in capital asset
– Changes to how companies can manage losses
– Access to generous tax concessions for a wider range of businesses
The ATO is cracking down on unreported income in 2025. Learn which income sources you must declare in your tax return – from Airbnb and side hustles to crypto and overseas earnings.
Traditionally, many business owners only speak to their accountant once a year, and it’s usually right before tax time. If that’s the only time you’re checking in, you could be missing out on game-changing insights and support that could help you make smarter decisions all year round.
When you plan with intention - and pair it with accountability - you’re not just hoping things will work out. You’re building a business that will.