Here is a snapshot of the 2020/21 Federal Budget, and the proposed measures which we believe most impact Small Businesses. 1. JobMaker I am putting this at the top of my list as it has been the clear replacement of the current JobKeeper incentive currently being run.This is a great way to provide some additional support to your business, at a subsidised cost.The program includes 16-35 year olds, who work over 20 hours a week, employed after 7th October (today).There are two tiers:16-30 year old: receive $200/week subsidy30-35 year old: receive $100/week subsidyThis is a 12 month subsidy.There are specific criteria to be met, so if you would like to discuss this further with us, please let me know. 2. Carried Back Losses If you have incurred a business loss during the 2019, 2020 or 2021 financial year, then you can use them to offset profits made in the 2021 and 2022 tax returns.We are currently working through our files to determine which of our clients this applies to. 3. Reduction of Individual Income Tax Rates This will impact all our clients who pay employees.Individual Income Tax Rates are to be reduced with an effective backdate of 1 July 2020.It isn’t clear yet if … Continue reading Federal Budget 2020/21