Treasurer Josh Frydenberg’s Budget provides tax relief and financial assistance for many Australians, including low and middle income earners, business owners, young workers and social security recipients.
2020 Federal Budget Summary
- Tax cuts for low and middle income earners through bringing forward the ‘Stage 2’ tax relief, increasing the Low Income Tax Offset and retaining the Low and Middle Income Tax Offset in the current tax year
- Tax relief for businesses, including instant asset write-offs and Fringe Benefit Tax concessions
- A range of measures to maximise retirement savings for Australians, including a new online YourSuper comparison tool and changes to ensure an employee’s super fund follows them when changing jobs
- Additional payments (comprising two amounts of $250) for eligible income support recipients and concession card holders
- A capital gains tax exemption for granny flat rights supported by a formal written agreement
- Up to 10,000 more first home buyers will be able to get a loan to build or buy a newly built home with a deposit of as little as 5%
Read and view Godfrey Pembroke’s analysis below and find out what the 2020 Federal Budget means for you:
Download the Federal Government 2020 Budget Overview documents using the links below:
- Budget Overview – Economic Recovery Plan for Australia
- COVID-19 Response – Supporting Australians through the crisis
- Guaranteeing the Essential Services
Budget 2020: Facts sheets
We have included the most relevant facts sheets here for your convenience.
Please see the links below to access these Fact Sheets:
NOTE: Other Fact Sheets are available via the Budget 2020-21 website. We have selected those above as most likely to have relevance.
For further, In-depth Information