{"id":14041,"date":"2020-10-08T07:25:59","date_gmt":"2020-10-07T19:55:59","guid":{"rendered":"http:\/\/quantiphy.com.au\/oldbackup\/2020-federal-budget-summary\/"},"modified":"2020-11-27T18:09:38","modified_gmt":"2020-11-27T06:39:38","slug":"2020-federal-budget-summary","status":"publish","type":"post","link":"https:\/\/quantiphy.com.au\/oldbackup\/2020-federal-budget-summary\/","title":{"rendered":"2020 Federal Budget Summary"},"content":{"rendered":"<p>On 6 October 2020 the Federal Treasurer, Josh Frydenberg, delivered the Federal Budget for the 2020\u20132021 income year. It will be remembered as Australia\u2019s biggest spending budget with a forecast deficit of $214 billion for the 2021 fiscal year. Treasury\u2019s underlying cash balance will deteriorate by $480.5 billion over the forward estimates period.<\/p>\n<p>The budget makes for compelling reading for anyone in business as it contains some very significant tax concessions and changes. These include:<\/p>\n<ul>\n<li>The bringing-forward of the stage 2 personal tax cuts so that they commence on 1 July 2020.<\/li>\n<li>An ability to fully deduct the cost of depreciating assets if a business has a turnover of less than $5 billion (yes, billion).<\/li>\n<li>Extension of small business concessions (not CGT) to businesses with a turnover of less than $50 million.<\/li>\n<li>Improvements to the R&amp;D concession.<\/li>\n<li>Loss carry-back for companies.<\/li>\n<li>Increased FBT concessions and easier FBT compliance.<\/li>\n<li>Changes to the corporate residency definition.<\/li>\n<\/ul>\n<p>We have worked to get across all of the budget changes \u2013 take a look at our attached highlight summary of all the major announcements and get in touch with your usual Quantum Partners contact if any further information is required.<\/p>\n<p><a href=\"https:\/\/mcusercontent.com\/0949abdbd9bb26f119ee9fc44\/files\/c0cd6bd3-f8e1-4b63-941a-3ae55faf5260\/Budget_Handout_2020_21_2_.pdf\">Click here to download attachment<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>On 6 October 2020 the Federal Treasurer, Josh Frydenberg, delivered the Federal Budget for the 2020\u20132021 income year. It will be remembered as Australia\u2019s biggest spending budget with a forecast deficit of $214 billion for the 2021 fiscal year. Treasury\u2019s underlying cash balance will deteriorate by $480.5 billion over the forward estimates period. The budget&#8230;<\/p>\n","protected":false},"author":1,"featured_media":14274,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-14041","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>2020 Federal Budget Summary - Quantiphy<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/quantiphy.com.au\/oldbackup\/2020-federal-budget-summary\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"2020 Federal Budget Summary - Quantiphy\" \/>\n<meta property=\"og:description\" content=\"On 6 October 2020 the Federal Treasurer, Josh Frydenberg, delivered the Federal Budget for the 2020\u20132021 income year. 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