The 2020 Federal Budget has been handed down delayed due to COVID-19.
Rather than returning to surplus the effects of the COVID-19 pandemic sees the country in a recession with debt of over $200 billion and this is anticipated to grow to $1 trillion.
The focus of the Budget is to deliver an Economic recovery plan to create jobs and to stimulate and rebuild the Australian economy.
Key measures announced were:
- Backdating personal income tax cuts
- Expanding the immediate asset write off
- Temporary company loss carry-back provisions
- JobMaker, apprenticeship and traineeship subsidies
- Pensioner Payments
- Superannuation reforms
Cheree Woolcock
CEO & Director DFK Benjamin King Money
Whilst there is no real ongoing support provided for businesses and industries in Melbourne who have been brought to their knees by this pandemic its great to see that the Budget has provided some great support for business in general with the Instant asset write off being expanded and extended to 2022.
This combined with the personal tax cuts should stimulate spending in the economy and assist in bringing the country back to what it was over a period of time.
Darren Williams
Principal DFK Benjamin King Money
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