Last night, the Government handed down the 2020 Federal Budget.
Key proposals include:
- 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.
Tune in as Jenneke Mills from MLC Technical brings you the 2020 Federal Budget wrap up. Jenneke will step through key announcements, outcomes and potential opportunities in this 10 minutes video.
Any queries or concerns regarding these proposals, please feel free to contact Dev Sarker at 1300 717 136 today!