Businesses are the big winners from the Federal Government's COVID-19 recovery Budget, receiving almost twice as much in tax breaks as households.
The measures, known as "immediate expensing" and "loss carry-back", will be available for companies with a turnover up to $5 billion.
Between them, Treasury estimates these two measures will cut taxes for eligible businesses by $31.6 billion over the next four years.
While you're here, how about this:
Budget is a 'cash splash' for small businesses: Ombudsman
Australian Small Business and Family Enterprise Ombudsman Kate Carnell says the Federal Government's 2020 Budget will help lift small businesses out of the COVID crisis and provide a much-needed boost to economic confidence. But she says it failed to address several critical issues including insolvency laws.
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The Budget includes a number of new, extended and existing measures to further support small business including:
- $4.3 million for Beyond Blue's NewAccess service, providing mental health support for small businesses
Business chief tips a 'make or break' federal budget
Rich lister and business heavyweight Raphael Geminder says Australia faces a make or break federal budget as the Morrison government seeks to reboot the economy which has been savaged by the coronavirus pandemic and get people back to work.
Mr Geminder, chairman of the ASX-listed packaging company Pact Group, said he was comfortable with the ballooning budget deficit given Australia's debt position compared with other nations, and the crucial need to boost economic activity.
Budget 2020: Federal government backflips as R&D tax incentive receives AU$2b boost | ZDNet
"Research and development, the adoption of digital technology, and affordable and reliable energy will be critical to Australia's future economic prosperity," Treasurer Josh Frydenberg said during his Budget speech.
The federal government detailed in its Budget documents that for small companies, with total annual turnovers of less than AU$20 million, the refundable R&D tax offset will be set at 18.5 percentage points above a company's tax rate, and the AU$4 million cap on annual cash refunds will be canned.
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Covering Your Assets: Time is now to take hard look at your 2021 budget (Voices) | nnbw.com
Budgeting has been imperative for construction and manufacturing companies in any business climate, but it's even more important as we look to navigate COVID-19's impact.
The inherent issue with a budget — and where many business owners get stuck — is that it is difficult to effectively predict which projects will be available to bid and whether your bid will be the one that is accepted. As a result, many budgets never get off the ground because business owners don't know where to start.
Budget 2020: Kate Carnell welcomes potential 'loss carry-back' provision
The Morrison government is reportedly considering a scheme which would allow businesses to claim back tax paid on last year's profits, to be announced in tomorrow night's budget.
The Sydney Morning Herald reports this year's late budget could include a so-called loss carry-back provision.
It would mean a business that was profitable last year can claim back some of the taxes paid on that profit, to help offset losses incurred this year.
Morning mail: a budget built on optimism, Trump outcry, Ardern in box seat | Australia news | The
Wednesday : Josh Frydenberg's budget leans heavily on tax cuts and business incentives. Plus: California blazes classified a "gigafire"
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Good morning, this is Tamara Howie bringing you the main stories and must-reads on Wednesday 7 October.
Our Stream Team series turns its attention to Utopia – not the well-loved, deadpan infrastructure sitcom by Working Dog, the cult hit by Dennis Kelly: a weird, dark and idiosyncratic conspiracy thriller. Adam Fleet writes: "At the time of that first watch, I duly expected it to feature on 'best of TV' lists for years to come, alongside the likes of The Wire, Breaking Bad or The Sopranos, of which Utopia is more than an equal.
South Australia stung with $1.3 billion GST write-down in 2020 Federal Budget - ABC News
State Treasurer Rob Lucas said the GST write-down was "not unexpected", but was a larger hit than foreshadowed in the June Budget and Economic Update for SA.
"This massive GST write-down obviously presents further challenges as we prepare to deliver our own budget next month," Mr Lucas said.
"Compared with GST estimates in our first budget, the 2018-19 Budget, GST revenue has declined by almost $5.2 billion over the four years to 2021-22.
Happening on Twitter
Federal budget funds Vales Point upgrade and CCS, but snubs EVs and green recovery. So ideology and mates over safe… https://t.co/wqX97Qc73H zalisteggall (from Manly, Sydney) Tue Oct 06 11:11:06 +0000 2020
'Disappointing' environment budget lacks new funding for Australian renewables (after worst ever bushfires and thir… https://t.co/P9LZ1UXg9F p_hannam (from Sydney, Australia) Tue Oct 06 10:15:40 +0000 2020
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