2020 Federal Budget – Key Business Measures Welcome News for the Sign Industry
Business measures in this year’s Federal Budget focused on jobs recovery, tax breaks and the expansion of the instant asset write-off. This is welcome news for sign industry businesses.
Key business-related budget measures include:
New JobMaker Hiring Credit (subject to qualifying conditions)
- $200 per week if hiring an eligible employee aged 16 to 29 years, or
- $100 per week if hiring an eligible employee aged 30 to 35 years.
More support for apprentices or trainees
From 5 October 2020 to 30 September 2021, businesses who take on a new Australian apprentice or trainee will be eligible for a 50 per cent wage subsidy of up to $7,000 per quarter, regardless of geographic location, occupation, industry.
Supercharged instant asset write-off
Instant asset write-off to support businesses with aggregated annual turnover of less than $5 billion. This will enable eligible businesses to claim a tax deduction for the full cost of eligible capital assets, acquired from 7:30pm AEDT on 6 October 2020.
Loss carry back to support businesses suffering temporary shock
A company will be able to obtain a refundable tax offset (i.e. cash-back) in a loss year against previously taxed profits, subject to satisfying certain conditions. The offset is uncapped.
New Fringe Benefits Tax exemptions and concessions
Multiple work-related portable electronic devices, such as laptops, tablets and mobile phones, that are provided to employees in the same FBT year (and having substantially identical functions) will all be exempt from FBT.
Click here for factsheets
Click here for summary of key policy measures