2020 has been a challenging year for us all and the Australian Government has released the 2020-21 Budget in the hopes of getting Australians back in jobs, in business, and spending money. All of this is designed to help us get out of recession – and it’s estimated that $1.7 trillion will be spent within the next 10 years.
Here’s a brief rundown of what’s included in the Budget:
Tax Cuts: Low and middle-income earners will receive tax relief of up to $2,745 for singles, and $5,490 for dual-income families. The tax cuts range from $510 for low income (under $37,000), up to $2,745 for middle income earners.
Home Construction: An additional 10,000 first home buyers will be able to purchase a home sooner as the Government extends the First Home Loan Deposit Scheme. First homeowners can secure a loan with as little as 5% deposit, with the Government guaranteeing up to 15% of the loan.
Infrastructure: The Government has committed to investing an additional $14 billion into new and accelerated infrastructure projects to be delivered in the next four years, supporting 40,000 new jobs during construction.
Business: The Government is providing a temporary tax incentive, with businesses able to deduct the full cost of eligible depreciable assets of any value, in the year they are installed. Businesses will also be able to offset losses against previous profits on which tax has been paid to generate a refund.