Federal Budget 2020 – 2021

Federal Budget 2020 – 2021 Issue Covered

• BUSINESS
  – FBT exemption to support retraining and reskilling
  – Reducing the FBT compliance burden of record keeping
  – Individual tax rates for residents
  – Increase to small business entity turnover threshold
• R&D TAX INCENTIVE
  – SMEs: ATO confirms JobKeeper payments do not contribute to aggregated turnover
• TEMPORARY “FULL EXPENSING” DEDUCTION FOR BUSINESSES
• TEMPORARY LOSS CARRY-BACK
• CORPORATE RESIDENCY TEST TO BE CLARIFIED
• VICTORIA’S BUSINESS SUPPORT GRANTS TO BE NANE
  
• SUPERANNUATION
• HOUSING
  – First home buyers
  – Boost for housing supply
  – Exempting granny flat arrangements from CGT
• EMPLOYMENT AND TRAINING
  – JobMaker Hiring Credit
  – JobTrainer
  – Regional recovery and tourism
• MANUFACTURING
• ENVIRONMENT
• HEALTH AND FAMILIES
• Special Budget 2020-21 Edition

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