On Tuesday evening the Treasurer delivered the delayed 2020-21 Federal Budget and as expected it was all about Government spending, tax cuts and tax concessions to increase jobs and drive a recovery from the COVID 19 Pandemic.
Whether he has gone far enough, only time will tell but clearly the Treasurer’s message of “There is no economic recovery without a jobs recovery” explains the focus on Government spending and tax relief for business spending.
The Government has already provided both JobKeeper and JobSeeker programs and has framed this Budget around the cornerstone of the new JobMaker program.
The key announcements were the bringing forward to 1 July 2020 of the second stage of the personal tax cuts announced last year; providing access to the SBE tax concessions to more businesses; providing new tax write-offs and loss carry backs to almost all businesses, together with a JobMaker Hiring Credit for those businesses moving out of JobKeeper and hiring new employees.
We have reviewed the 2021 Budget and outlined below what we think are the key issues for SME business and their owners.