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Budget 2020 6 October 2020

Budget 2020 for the 2020-21 year announced on 6 October 2020 includes tax cuts brought forward for individuals, concessions for business and employment-targetted support.

Covid19 Coronavirus government support measures

Coronavirus Government Stimulus and Support Measures 2020
A range of key economic and support measures have been announced by the Federal government since early March 2020 in support of households, the unemployed and businesses. States and Territories have also set out a number of financial and other support arrangements.

see Coronavirus Government Support Measures

Specific key measures:

Victorians pandemic leave $1,500 support
Jobkeeper, JobSeeker extended to 2021
Job Seeker
Cash Flow Boost For Employers
Homebuilder $25,000 grant
JobKeeper scheme
Child Care Sector
Other measures (March 2020)
Small & medium business
Tasmanians pandemic leave $1500 support

tax rates 2020-21
Tax rates for the 2020-21 year remain unchanged. Indexation factors apply to student loans.

tax rates 2019-20
The basic tax scale for the 2019-20 year remains the same, but the value of the lower income offset has been lifted.

tax instalment tables 2019-20 and 2020-21
Unchanged tax rates mean that most instalment schedules continue unchanged from 2018-19 apart from student loans (HECS/HELP/VET etc) which have annual indexation factors applied to the income repayment levels.

tax rates 2018-19
The personal tax rates for the 2018-19 year are slightly lower than the previous year because of an expansion of the 32.5% band and introduction of a new lower income tax offset.

Super contribution limits

2017-182018-192019-202020-21
Substantial changes in the superannuation concessions and limits apply from 1 July 2017 and through subsequent years.

Depreciation
Depreciation categories, rates and calculations.

Budget 2019
Includes changes to the personal income tax scale, including an increase in the Low and Middle Income Tax Offset from 2018-19. The free spreadsheet calculator for 2019-20 has been updated.

FBT exemptions and concessions
A checklist of items which are fringe benefits tax exempt or reduced.

group certificates
The information from payment summaries (also referred to as group certificates) is needed for tax return preparation. If the info is not available on time, what are the options?

tax free threshold
The nominal tax free income amount is lifted for most low income taxpayers to an effective level which is significantly higher.

reasonable travel allowance rates
The ATO set out what are “reasonable” expense claims for overtime meals, domestic travel, employee truck drivers and overseas travel. These schedules are revised annually.

‘low income tax offset’ or ‘LITO’
The Low Income Tax Offset is a reduction of tax for lower income earners. The LITO and the tax free threshold combine to ensure that the lowest income earners don’t pay any tax.

HECS debt and HELP loans
The student Higher Education Loan Program repayments are recovered by the Tax Office at a percentage rate in your tax assessment, based on your annual income. The repayment rates are adjusted each year.

medicare levy and surcharge
For tax residents of Australia, the medicare levy is added to your tax bill once your income reaches a certain level. The surcharge adds even more if you don’t have basic hospital insurance for yourself and dependents.

 

This page was last modified 2020-10-06