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FEDERAL BUDGET - OCTOBER 2020

The Treasurer Josh Frydenberg delivered the government's plan to stimulate spending and encourage business investment with $85 billion of stimulus over 4 years. 

Main incentives include immediate asset write-offs, income tax cuts and the extension of Jobkeeper.            

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JOBMAKER   

Job losses have been extensive during the COVID-19 pandemic and the JobMaker Hiring Credit will give businesses incentives to take on additional employees aged between 16 and 35 years old.                                                        

Click here to download a pdf version of the newsletter to read the full article.                                                                                                                                                      

 


           

INCOME TAX CUTS

The Budget seeks to promote tax reform and simplification in an effort to support business investment and help reduce the personal income tax burden.

                        
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CHANGES TO SUPERANNUATION

The Budget seeks to address various shortcomings in the superannuation system including unintended multiple accounts, paying too much super fees, underperforming products and the lack of accountability and transparency.                                                                                                    

         
Click here to download a pdf version of the newsletter to read the full article.