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Spotlight on Australia’s 2020 Budget Oct-21-2020

Insight from the IBFD Asia-Pacific Team
 
Australia’s 2020 Budget (announced on 6 October) aims to provide much-needed support to an Australian economy hit by the unprecedented COVID-19 pandemic to start building a foundation for economic recovery. The Budget includes a range of important taxation reliefs, with something for almost everyone in the country.
 
Businesses are supported by a new unlimited tax loss carry-back, increased access to the instant write-off for new business assets, exemptions from fringe benefits tax for reskilling employees, as well as additional tax incentives for small businesses. Individuals earning between AUD 37,000 and AUD 120,000 will benefit from reduced income tax rates, while individuals with lower income will benefit from an increase in the low-income tax credit. Importantly, most of the announced tax measures are available immediately.