Budget 2020-21: Road to Recovery?

The 2020-21 Federal Budget is a road to recovery paved with cash.

Key initiatives include:
• Personal income tax cuts from 1 July 2020
• A $4 billion ‘JobMaker’ Hiring Credit to encourage businesses to take on additional employees aged 16 to 35 years old
• $110 billion in infrastructure investment over 10 years
• Immediate deductions for business investment in capital assets
• Changes to how companies can manage losses
• Access to generous tax concessions for a wider range of businesses

A different way to help the grandkids

Many grandparents want to give their grandchildren a head start in life, and a common way to do so is to help by paying some (or all) of their school fees. This can, of course, simply be done by making a contribution at the time the fees are payable. However, it’s not unusual for grandparents to plan ahead by setting funds aside in a specific account. That is one option, but there might be a better one.