• Home
  • COVID-19
  • What we know about the Federal Budget so far for small business

[adning id=”12070″]

[adning id=”12070″]

What we know about the Federal Budget so far for small business

The Federal Budget will be unveiled on 6 October, but various ministers have already let slip a few major policy changes we should expect to see.

This will be one of the most important Federal Budgets in our lifetime – it is the Government’s plan to pull the nation out of its first recession in nearly 30 years.

In July, Federal Treasurer Josh Frydenberg revealed the nation is expected to be in a total deficit of around $281.4 billion, which includes $85.8 billion for the 2019-20 financial year, and $184.5 billion for the 2020-21 financial year. That’s the highest budget deficit since World War II.

We will be following the budget closely on 6 October to see what policy measures are in place to reduce the unemployment rate, but in the meantime, here’s what we know so far.

Here’s what we know about the 2020-21 Budget so far, if you’re a small business:

The Government unveiled the JobMaker Digital Plan on Tuesday, which Prime Minister Scott Morrison said would underpin economic growth and jobs.

The plan includes a $1.67 billion investment in cybersecurity, a $4.5 billion investment in NBN and a further $800 million on a range of programs in infrastructure and security to help businesses engage in the digital world.

“The announcements we’re making today on accelerating our work in the fintech sector, consumer data rights, upgrading automated regulation compliance, the end of phone books full of forms, where things can be done online and digitally, remembering your previous answers so you don’t have to go through and fill out the forms later,” Morrison said.

He said it would mean businesses get a “digital identity”, that enables them to have “a seamless interface with government and e-invoicing, making that a key part of ensuring we pay businesses quicker and on time”.

“At the end of the day, [it means] small businesses getting paid on time and ahead of time and injecting much-needed cashflow into our economy.”

Treasurer Josh Frydenberg said the changes would also enable the execution of documents to now be undertaken digitally, and AGMs to be held virtually.

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on email
Email
Share on print
Print

Leave a Comment

Your email address will not be published. Required fields are marked *

SUBSCRIBE FREE
SME NEWS BRIEFS

Get breaking news delivered
  • This field is for validation purposes and should be left unchanged.

RECEIVE GOVT GRANT OF $10K to $250K*.

Austrade Approved Business Events
AVAILABLE NOW APPLY BEFORE 30th MARCH 2021 (Condition apply)

  • ABF Events are approved and listed below have been certified by Austrade on the Schedule of Approved Business Events.
  • This allows exhibitors, sponsors, delegates and partners to participate in the Business Events Grant Program. Note event bookings need to be confirmed ASAP to participate in the grant program
  • The program provides 50% rebate (based on a minimum spend of $20k) for approved items including ABF event-media packages, exhibition stands, corporate function tables, delegate registrations.
  • Govt Grant applications are now open until the 30 March. Please contact ABF to discuss how we can assist, we have experts to assist grant applications.
  • Grant funding will cover up to 50% of eligible expenditure incurred in participating at pre-approved business-to-business events as buyers or sellers during the 2021 calendar year.  All grant applications must be submitted for approval via the following link: https://business.gov.au/grants-and-programs/business-events-grants
  • For further information please see this fact sheet.