News & Views
19th October 2020
Business wins in the Federal Budget
The good news for the millions of Australian businesses dealing with the ongoing uncertainty of COVID-19 is that the 2020 ‘Pandemic Budget’ seems to have delivered some much-needed wins.
Tax breaks – Businesses are set to receive $31.6 billion in proposed tax breaks, including being allowed to write off losses against past profits, as well as proposed changes to fringe benefits tax.
Wage subsidies – There were quite a few incentives on the job creation front, including subsidies for employers hiring young people, and a new apprenticeship wage subsidy supporting up to 100,000 new apprentices and trainees each year.
Energy industry initiatives – A number of announcements affecting the energy sector will be of particular interest for employers in energy and related industries, including investment in new energy technologies, continued funding for renewable and clean energy bodies, and investment in network infrastructure, dispatchable generation and reliable supplies in the National Electricity Market.
There’s more information in Energy Super’s business budget wrap-up, including some changes to super. Just remember: these announcements are proposals only and are yet to be passed by Parliament.
More information here.
