Welcome to the 2020/21 McKinley Plowman Federal Budget Update! In a year filled with uncertainty, turmoil, crisis, and economic downturn, the Morrison Government’s Budget was always poised to be one filled with recovery measures to get the Australian economy back on track – looking at both the short- and long-term.
While the majority of the Budget items are subject to the passage of legislation, the road out of COVID-19 appears to be lined with cash. Individuals can look forward to things like personal income tax cuts and economic support payments; while some businesses may see improved cash flow through measures like loss carry-backs and the extension of some generous SME tax concessions.
While the summary below is by no means the be-all-and-end-all of the 2020/21 Budget, we feel that it provides a good mix of information around important items concerning Individuals, Superannuation and Businesses – something for everyone!
As the country moves forward with the economic recovery process, there are many critical considerations that need to be made in the areas of accounting, bookkeeping, superannuation and business development. At McKinley Plowman, we are dedicated to helping our clients navigate the complex tax and accounting landscape, now and into the future. If you need any assistance with the implementation of the Government’s Budget measures, or would like to know more about how the 2020/21 Budget could impact you and your business, get in touch with us today via the contact information below:
P: (08) 9301 2200