The 2020-21 Federal Budget was deferred from May to 6 October 2020 due to the extraordinary circumstances brought about by the COVID-19 pandemic.
The Budget announcements were wide-ranging and much of the detail has not yet been released. Announcements include:
- Small business tax concessions extended to medium sized businesses
- Outright capital assets deduction until 30 June 2022 for most businesses
- Loss carry-back provisions
- Personal tax cuts brought forward to 1 July 2020
For further details, please refer to our concise and helpful Federal Budget 2020-2021 Summary*.
*Please note that this Summary is about proposals, which have not yet been legislated.
