DYNAMIC | BUSINESS

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Tuesday 6th October 2020

Budget 2020/21: What's in it for businesses?

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The Government has announced an ambitious 2020-21 budget aimed at getting cash back into the hands of households and businesses. Key take-aways from tonight include:

• A JobMaker hiring credit of $200 per week for new roles created for those aged under 30, and $100 per week for those aged between 30-35

• An additional $1.2 billion to create 100,000 new apprenticeships and traineeships, with a 50 per cent wage subsidy for businesses who employ them

• Bringing forward Stage Two of legislated tax cuts by two years

• Businesses can offset losses incurred to June 2022 against prior profits made in or after the 2018‑19 financial year

• An extra $2 billion in Research and Development tax incentives

• $1.9 billion over 12 years from 2020-21 on low emissions technologies and reliable supplies in the National Electricity Market

• $1.5 billion over five years from 2020-21 to support the Modern Manufacturing Strategy

• $14 billion in new and accelerated infrastructure projects support a further 40,000 jobs

• $16 billion as part of the Government’s ongoing health response to the COVID-19 crisis

• $1.7 billion invested in cyber-security

To read the full summary of the 2020-21 budget, click

here

.