Published on Oct 13, 2020
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The Federal Government’s 2020-21 Budget is one for the history books, following the Treasury’s announcement on Tuesday 6 October 2020.
The Budget details a record spend that will help lift small businesses out of the COVID crisis and provide a much-needed boost to economic confidence.
Given the number of measures that target the small business sector in the Budget, the Federal Government clearly acknowledged the role small and family businesses have to play in the nation’s economic recovery.
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
- $1.2 billion on the extension of wage subsidies for apprentices and trainees
- $850 million on JobMaker hiring credit payable for up to 12 months to employers who hire young people (aged 1635 years)
- $15 billion in JobKeeper payments
- $1.9 billion for loss carry back tax provision
- $26.7 billion in instant asset writeoffs for business – uncapped
- $800 million national digitisation plan
The budget targets additional support measures to boost household incomes, bring forward business and infrastructure investment activity, and drive the unemployment rate down, creating a more competitive and income-generating economy.
With further response and recovery support promised in the budget the overall support from the Government stands at $507 billion, including $257 billion in direct economic support.