Page 4 - Federal Budget 2020-21
P. 4
Housing affordability
2. Temporary loss carry-back
Extension of first home loan deposit scheme
Eligible companies will be allowed to carry back tax
Proposed effective date: 6 October 2020 losses from the 2019-20, 2020-21, or 2021-22 income
years to offset previously taxed profits in 2018-19 or later
The government will allow an additional 10,000 first income years.
home buyers to obtain a loan to build a new home or
purchase a newly built home with a deposit of as little 3. Expanding access to some small
as 5% under the existing First Home Loan Deposit business tax concessions
Scheme.
Proposed effective date: various
Applications, which are made through participating
lenders, will be available until 30 June 2021. Businesses with an aggregated annual turnover of $10
million or more but less than $50 million will have access
Eligible first home buyers may also be able to take to up to 10 small business tax concessions.
advantage of the First Home Super Saver Scheme to
use the concessionally taxed superannuation system to Other related measures
save their first home deposit.
Proposed effective date: various
In addition, under the HomeBuilder Scheme, existing
owner- occupiers, including first home buyers, may be • Businesses taking on a new apprentice will be eligible
eligible for a grant of $25,000 to build or substantially for a 50% wage subsidy, up to certain limits.
renovate an existing home. First home buyers may also • Organisations taking on new employees may qualify
be eligible for state and territory grants and concessions. for the new JobMaker Hiring Credit. Depending on
the age of the new
These measures are designed to promote home • employee, a weekly credit of $200 (for each new
ownership and support employment in the construction employee aged 16 – 29) or $100 (for each new
industry. employee aged 30 – 35) will be available to eligible
employers over 12 months from 7 October 2020 for
each additional new job they create for an eligible
Proposed changes for business – taxation employee.
• Employers who provide retraining and reskilling
1.Temporary full expensing of capital assets benefits to redundant, or soon to be redundant,
employees where the benefits may not be related
Proposed effective date: 7.30pm, 6 October 2020 to their current employment will be eligible for an
exemption from the 47% fringe benefits tax.
Businesses with aggregated annual turnover of less than
$5 billion will be allowed to deduct the full cost of eligible
capital assets acquired from Budget night and first used
or installed by 30 June 2022.
If you’d like to discuss any of the points raised,
contact PSK Financial Services on 9324 8888.
Jo O’Brien Nick Fraietta
Corporate Consultant Senior Partner & Financial Adviser
02 9324 8847 | 0407 529 093 02 9324 8807 | 0417 238 363
jo.obrien@psk.com.au nickf@psk.com.au
PSK Financial Services Lv 6, 44 Market St, Sydney NSW 2000 www.psk.com.au
What you need to know
This information is provided by AWM Services Pty Ltd (ABN 15 139 353 496) and is general in nature only. It hasn’t taken your personal circumstances into account. Before
deciding what’s right for you, it’s important to consider your particular circumstances and read the relevant product disclosure statement or terms and conditions available
from AMP at amp.com.au or by calling 131 267.
We are not providing financial product advice. You should not rely upon it and should seek professional advice before making any financial decision. Except where liability
under any statute cannot be excluded, AMP does not accept any liability for any resulting loss or damage of the reader or any other person.
AWM Services is a part of AMP group.