By comparison to many, Australia has managed the COVID-19 pandemic well, but good management isn’t enough to protect us from the $213.7 billion deficit in 2020-21. The Government has taken to heart the old adage, “You have to spend money to make money” to trade our way out of a black hole.
A large focus of the 2020 Budget is on businesses, with $26.7 billion allocated to new initiatives including helping businesses buy and install equipment and other assets that they can immediately claim on tax deductions.
Given the wide range of measures introduced, we have a free PDF you can download here, which breaks down everything you need to know from the 2020 Budget.
If you have any questions or wish to talk to an accountant, please contact us here.