On 6th October 2020, Treasurer Josh Frydenberg handed down a historic Federal Budget. In a year of fires, drought and a global pandemic, the Government has seen the budget deficit blow out to $213.7 billion or 11 per cent of gross domestic product (GDP).

This year’s Budget theme centred around job creation, personal tax cuts and investment. It sent a clear message to the Australian people that the Federal Government was ready to start the journey towards rebuilding the economy and securing Australia’s future.

HLB Mann Judd’s Federal Budget Alert provides a succinct summary of the Government’s economic recovery plan including details related to personal and business taxation and superannuation.

Federal Budget Alert

Read our 2020-2021 Federal Budget Alert

Recent insights

JobKeeper extension guidance

With the initial JobKeeper subsidy coming to an end, businesses will be required to reassess their eligibility for the JobKeeper Extension.

We outline the seven alternative turnover test measures provided by the ATO in order to be eligible for JobKeeper.

Relief for financially distressed businesses extended

The Government has extended the temporary insolvent trading, winding up and bankruptcy protections for a further three months. For some businesses, the extension is not a solution but a postponement. We address what actions business owners should currently be considering.