{"id":1541,"date":"2020-10-06T23:19:02","date_gmt":"2020-10-06T23:19:02","guid":{"rendered":"https:\/\/insight.thomsonreuters.com.au\/business\/posts\/2020-21-federal-budget-all-about-jobs-plus-record-deficit-big-spending-backdated-tax-cuts-and-more"},"modified":"2023-05-15T14:20:42","modified_gmt":"2023-05-15T04:20:42","slug":"2020-21-federal-budget-all-about-jobs-plus-record-deficit-big-spending-backdated-tax-cuts-and-more","status":"publish","type":"post","link":"https:\/\/insight.thomsonreuters.com.au\/business\/posts\/2020-21-federal-budget-all-about-jobs-plus-record-deficit-big-spending-backdated-tax-cuts-and-more","title":{"rendered":"2020-21 Federal Budget: &#8220;all about jobs&#8221; plus record deficit, big spending, backdated tax cuts and more"},"content":{"rendered":"\n<h4 class=\"wp-block-heading\">On Tuesday, 6&nbsp;October&nbsp;2020, Treasurer&nbsp;Josh Frydenberg handed down the 2020-21 Federal Budget, his second Budget. <\/h4>\n\n\n\n<p>He said the Budget was &#8220;all about jobs&#8221; (including creating new jobs and getting the unemployed back into work again) and getting the economy moving again.<\/p>\n\n\n\n<p>The Treasurer said &#8220;COVID-19 will see the deficit reach $213.7 billion this year, falling to $66.9 billion by 2023-24&#8221;. He said net debt will increase to $703 billion or 36% of GDP this year and peak at $966 billion or 44% of GDP in&nbsp;June&nbsp;2024.<\/p>\n\n\n\n<p>The Treasurer said that the economy is forecast to fall by 3.75% this calendar year and unemployment to peak at 8% in the&nbsp;December&nbsp;quarter. Next calendar year, he said the economy is forecast to grow by 4.25%, and unemployment to fall to 6.5% by the&nbsp;June&nbsp;Quarter 2022.<\/p>\n\n\n\n<p>In addition, the 2020-21 Budget expands the Government&#8217;s 10-year infrastructure pipeline to $110 billion.<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p><em>On personal taxation, in an expected announcement, the Government confirmed that the previously legislated Stage 2 tax cuts will be brought forward by 2 years, from 1&nbsp;July&nbsp;2022 to 1&nbsp;July&nbsp;2020 ie they will be brought forward and backdated &#8211; see below.<\/em><\/p><\/blockquote>\n\n\n\n<h2 class=\"wp-block-heading\">Revenue measures announced<\/h2>\n\n\n\n<p>The major revenue measures announced in the Budget included:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><em><strong>Bring forward of the second stage of the personal tax cuts by 2 years<\/strong><\/em> to 1&nbsp;July&nbsp;2020, lifting the 19% threshold from $37,000 to $45,000, and lifting the 32.5% threshold from $90,000 to $120,000. At the same time, the low and middle income tax offset (LMITO) will be retained for 2020-21.<\/li><li><em><strong>The Stage 3 personal income tax cuts remain unchanged<\/strong><\/em> and will commence in 2024-25 as already legislated.<\/li><li><em><strong>Loss carry-back<\/strong><\/em>: The Government will allow eligible companies to carry back tax losses from the 2019-20, 2020-21 or 2021-22 income years to offset previously taxed profits in 2018-19 or later income years.<\/li><li><em><strong>Asset write-off<\/strong><\/em>: For eligible capital assets acquired from 7:30pm AEDT on 6&nbsp;October&nbsp;2020 and first used or installed by 30&nbsp;June&nbsp;2022, over 99% of businesses will be able to write off the full value of any eligible asset they purchase for their business. This will be available for small, medium and larger businesses with a turnover of up to $5 billion until&nbsp;June&nbsp;2022.<\/li><li><em><strong>Corporate residency test to be clarified<\/strong><\/em>: The Government will make technical amendments to clarify the corporate residency test. It will amend the law to provide that a company that is incorporated offshore will be treated as an Australian tax resident if it has a &#8216;significant economic connection to Australia&#8217;. This test will be satisfied where both the company&#8217;s core commercial activities are undertaken in Australia and its central management and control is in Australia.<\/li><li><em><strong>Superannuation:<\/strong><\/em> Several measures were announced. Commencing on 1&nbsp;July&nbsp;2021, the <em>Your Future, Your Super<\/em> package will see the following changes:<ul><li><em><strong>YourSuper portal<\/strong><\/em> &#8211; the ATO will develop systems so that new employees will be able to select a super product from a table of MySuper products through the YourSuper portal;<\/li><li><em><strong>stapled accounts<\/strong><\/em> &#8211; an existing super account will be &#8220;stapled&#8221; to a member to avoid the creation of a new account when that person changes their employment;<\/li><li><em><strong>MySuper benchmarking<\/strong><\/em> &#8211; from&nbsp;July&nbsp;2021, APRA will conduct benchmarking tests on the net investment performance of MySuper products, with products that have underperformed over two consecutive annual tests prohibited from receiving new members until a further annual test that shows they are no longer underperforming;<\/li><li><em><strong>super trustees &#8211; best financial interests duty<\/strong><\/em> &#8211; the Government will legislate to compel super trustees to also act in the best &#8220;financial&#8221; interests of their members. The Government will also require super funds to provide better information regarding how they manage and spend members&#8217; money in advance of Annual Members&#8217; Meetings.<\/li><\/ul><\/li><li><em><strong>R&amp;D<\/strong><\/em>: For small companies, those with aggregated annual turnover of less than $20 million, the refundable R&amp;D tax offset will be set at 18.5 percentage points above the claimant&#8217;s company tax rate, and the $4 million cap on annual cash refunds will not proceed. For larger companies, those with aggregated annual turnover of $20 million or more, the Government will reduce the number of intensity tiers from 3 to 2.<\/li><li><em><strong>ATO funding<\/strong><\/em>: The Government will provide $15.1 million to the ATO to target serious and organised crime in the tax and super systems.<\/li><li><em><strong>JobMaker hiring credit<\/strong><\/em>: The Government announced a new&nbsp;JobMaker hiring credit to encourage businesses to hire younger Australians. The&nbsp;JobMaker hiring credit will be payable for up to 12 months and immediately available to employers who hire those on&nbsp;JobSeeker aged 16-35. It will be paid at the rate of $200 per week for those aged under 30, and $100 per week for those aged between 30-35. New hires must work for at least 20 hours a week. All businesses, other than the major banks, will be eligible.<\/li><li>The Government has committed to creating <em><strong>100,000 new apprenticeships<\/strong><\/em>.<\/li><li><em><strong>Age Pensioners<\/strong><\/em> will receive an additional $250 payment from&nbsp;November&nbsp;2020 and a further $250 payment from early 2021.<\/li><\/ul>\n\n\n\n<p><em><strong>As previously announced, the Budget confirmed<\/strong><\/em>:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>A targeted CGT exemption for granny flat arrangements.<\/li><li>Expanded access to a range of small business tax concessions (eg start-up expenses, FBT exemptions on car parking, access to simplified trading stock rules) by increasing the small business entity turnover threshold for these concessions from $10 million to $50 million.<\/li><li>An FBT exemption for employer provided retraining and reskilling benefits provided to redundant, or soon to be redundant, employees where the benefits&nbsp;may&nbsp;not be related to their current employment.<\/li><li>The ATO will have the power to allow employers to rely on existing corporate records, rather than employee declarations and other prescribed records, to finalise their FBT returns.<\/li><li>The Victorian Government&#8217;s business support grants for SMEs will be non-assessable non-exempt (NANE) income for tax purposes.<\/li><\/ul>\n\n\n\n<p>The Budget also includes a package of measures to create jobs and back <em><strong>regional Australia&#8217;s economic recovery<\/strong><\/em>:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>$2 billion in concessional loans to help farmers overcome the drought;<\/li><li>$350 million to support regional tourism to attract domestic visitors back to the regions and a further round of the Building Better Regions Fund; and<\/li><li>$317 million for Australian exporters to continue to access global supply chains.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Where to get Budget documents<\/h2>\n\n\n\n<p>The 2020-21 Budget Papers are available from the following website: Budget 2020-21 &#8211; <a href=\"https:\/\/nam02.safelinks.protection.outlook.com\/?url=http%3A%2F%2Fwww.budget.gov.au%2F&amp;data=02%7C01%7CVirginia.Ginnane%40thomsonreuters.com%7C942e786a948948ce7aca08d869fd990e%7C62ccb8646a1a4b5d8e1c397dec1a8258%7C0%7C0%7C637375885670844529&amp;sdata=qqMa85zhjPzmO3LWi%2FJwWAYzn1nzeIPvCNUSbip6fzE%3D&amp;reserved=0\" target=\"_blank\" rel=\"noreferrer noopener\">http:\/\/www.budget.gov.au\/<\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Budget webinar<\/h2>\n\n\n\n<p>Register for the <em>Federal Budget 20-21: Unwrapped by the experts! <\/em>webinar to be held on Thursday 8 October at 12 pm (AEDT) and receive the <em>Weekly Tax Bulletin<\/em> Budget Report as soon as it becomes available!<\/p>\n\n\n<p><a href=\"https:\/\/connect.thomsonreuters.com.au\/Federal-Budget-2020-21?utm_source=insights\" class=\"btn btn-lg btn-primary\">Register now!<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>On Tuesday, 6 October 2020, Treasurer Josh Frydenberg handed down the 2020-21 Federal Budget, his second Budget. <\/p>\n","protected":false},"author":14,"featured_media":1542,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[659],"tags":[],"insight_job_role":[702,704,703,713,805,719,720,721,879,808,880,881,882],"insight_practice_area":[],"class_list":["entry","author-stuartjones","has-excerpt","post-1541","post","type-post","status-publish","format-standard","has-post-thumbnail","category-global-tax-reporting","insight_job_role-accountant","insight_job_role-accounts-finance-professional","insight_job_role-accounts-payable","insight_job_role-chief-financial-officer","insight_job_role-chief-tax-officer","insight_job_role-finance-director","insight_job_role-finance-manager","insight_job_role-financial-planner","insight_job_role-financial-professional","insight_job_role-head-of-tax","insight_job_role-tax-accountant","insight_job_role-tax-agent-advisor","insight_job_role-tax-manager-director","hentry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>2020-21 Federal Budget: &quot;all about jobs&quot; 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