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
Many business owners think tax planning means meeting with their accountant in June and finding a few last-minute deductions before the end
of the financial year.The reality is that true tax planning starts much earlier in the year.
For established businesses, proactive tax planning isn’t about scrambling to reduce tax at the last minute. It’s about creating a strategy
throughout the year that supports business growth, improves cash flow, and helps owners make better financial decisions.
For many small business owners, the end of the financial year (EOFY) feels like the finish line. Once tax planning is complete, financial statements are prepared, and compliance obligations are lodged, it is tempting to return to business as usual.
Looking for the best accountant in Brisbane? Learn what to look for in an accountant, from proactive advice and communication to tailored support for growing businesses.