On Tuesday, 6th October, Federal Treasurer Josh Frydenberg handed down the 2020/21 Federal Budget, outlining a further $98 billion in financial economic support, however acknowledging a $200 billion deficit – the biggest since World War II.
The 2017 Federal Budget has been handed down, responded to, cut up, reviewed, supported, dismissed as too Labor or too political. Whatever individual argument is thrown at the Budget, I see it as a nothing Budget – another 12 months for Australia to prod through until next May.
From 7:30pm on 13 May until 31 June 2017, small businesses with aggregated annual turnover of less than $2 million per year will be able to write off assets (up to $20,000) immediately.
It’s that time of year again where business owners assess the changes the new budget will bring and what it will mean for them. There has been a shift from the previous budget approach of "big savings and paying down debt" to "minimising impacts" with some commentators calling this an election budget.