Australian Budget 2020
Can you use the JobMaker Hiring Credit? Program Checklist and Detailed Explanations
As part of the 2020-21 Federal Budget announced in October, the government unveiled the JobMaker Hiring Credit to incentivise businesses to hire young job seekers over the next 12 months. The credit will cost $4bn over three years to support the employment of 450,000 people aged 35 and younger. It is expected to create around 450,000 positions […]
‘Onerous administrative burden’: Industry body responds to JobMaker scheme
Australia’s peak small business group has said the Government's JobMaker hiring scheme is “lacking in detail” and prone to fraudulence. Treasurer Josh Frydenberg unveiled the JobMaker hiring credit in last month’s budget to incentivise businesses to hire young job seekers over the next 12 months. It is expected to create around 450,000 positions for young Australians […]
Instant asset write-off incentive an opportunity for SMEs to digitise
With the 2020 Federal Budget bringing news of a new instant asset write-off measure for Australian small businesses, SMEs are being urged to use the opportunity to digitise. Under the new scheme, businesses are able to claim the full value of all new eligible depreciable assets of any value which are first used or installed […]
$5 billion into childcare will boost GDP by $11 billion a year: The Government’s missed opportunity
Despite the majority of pandemic-induced job losses occurring in female-dominated industries, the Government has not delivered policies that support women and men equally throughout Australia’s economic recovery. The 2020-21 Budget announced a $240 million Women’s Economic Security Statement, however missed an opportunity to boost workforce participation and long-term productivity through childcare investment. A focus on […]
Insolvencies rise by 11% as businesses face reality of Government support cuts
Following the first round of JobKeeper cuts, and the presentation of the most significant Federal Budget since World War II, businesses are starting to face the reality of insolvencies and liquidations. New data from digital credit reporting bureau CreditorWatch the number of businesses entering into administration rose by 11 per cent in September to 436. […]
Navigating the 2020-21 Budget: Top tips for businesses
Business investment is a key theme in the 2020-21 Budget. Treasurer Josh Frydenberg announced tax changes that are a “game changer” in the way Australian businesses manoeuvre out of one of the worst recessions on record. These changes hope to incentivise capital expenditure and support businesses to offset losses that have been widespread during the […]
Has the Budget delivered for small businesses?
Guest authored by Sam Allert, CEO of Reckon With 23 per cent of small businesses concerned they won't exist this time next year without Government support, there were many eager business owners waiting to hear what the Budget delivered on Tuesday evening. A pre-budget survey conducted by Reckon interviewed over 1000 small businesses and found […]
Accountants welcome business tax changes in the 2020-21 Budget
The business tax changes under the 2020-21 Budget have been met with positive feedback from professional accounting bodies and tax experts. Two of the key announcements under the Government’s business investment strategy are the immediate expensing and loss carry-back provisions for businesses with an annual turnover of up to $5 billion. Under immediate expensing, businesses […]
What the Budget means for startups
In what is being dubbed the "jobs budget" the 2020-21 Budget was the opportunity for the Morrison Government to lay out the blueprint for a post COVID-19 economic recovery. Whilst the Budget will land Australia in a $214 billion deficit, the startup sector has seen fruit from the plan, with many measures put in place […]
Government backflips on RDTI cuts with a $2 billion boost
Last night, the Government announced a $2 billion investment into Research & Development Tax Incentives (RDTIs), scrapping a previously proposed $1.8 billion cut and a $4 million tax refund cap. The changes will apply from 1 July 2021 and will support more than 11,400 companies that claim the RDTI. In addition to the $2 billion […]
Female founders deem Budget ‘A step forward, but more to be done’
Whilst largely satisfied with the way the Budget has catered for women, female founders are saying there is room to create greater opportunities for support. The landmark 2020/21 Budget on Tuesday evening included $231 million for the second Women's Economic Security Package. This includes $35.9 million to increase the number of co-funding grants to women-founded […]
‘The $1 trillion budget deficit’: Economists on the 2020-21 Budget
The 2020-21 Budget delivers the biggest Australian deficit since World War 2. The Government’s fiscal stimulus of $51 billion during the GFC pales in comparison to the $257 billion in spending unveiled by the Treasurer yesterday. We asked leading Australian economists for their first impressions on the budget and how it affects business investment in […]