2020 Federal Budget
MLCo • October 7, 2020
The Federal Budget announced on Tuesday 6 October 2020 introduced a raft of emergency stimulus measures to create one million new jobs over the next four years. These emergency stimulus measures include:
- Personal tax cuts effective backdated to 1 July 2020;
- Outright tax deductions for eligible business assets;
- Loss carry-back provisions from 2019-20, 2020-21 and 2021-22 income years for eligible companies;
- FBT exemptions for retraining redeployed employees;
- JobMaker Hiring Credit for eligible employers who hire additional eligible employees between the ages of 16 and 35;
- Superannuation reforms for members;
- Best financial interests duties for superannuation trustees;
- 50% wage subsidies for new apprentices; and
- $250 cash payments for income support recipients.
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