Hand out provided by National Tax & Accountants’ Association (NTAA)


1. Personal income tax changes

1.1 Changes to personal income tax rates

1.2 Changes to the Low Income Tax Offset(‘LITO’)

2. Changes affecting business taxpayers

2.1 Expanding access to Small Business Tax Concessions

2.2 JobMaker Hiring Credit

2.2.1 Who is an eligible employee?

2.2.2 Who is an eligible employer?

2.3 Tax-free business support grants

3. Changes affecting companies

3.1 Temporary loss carryback for eligible companies

3.2 Clarifying the corporate residency test

3.3 Meetings conducted via virtual attendance

4. FBT changes

4.1 FBT exemption for retraining and reskilling employees

4.2 Reducing the compliance burden of FBT recordkeeping

5. Other budget announcements

5.1 Removing CGT for ‘granny flat arrangements’

5.2 Superannuation reforms

5.3 Clarifying income tax exemptions for individuals engaged by the IMF and the World Bank group

5.4 Additional funding to address serious and organised crime in the tax and superannuation system

5.5 Supporting the mental health of Australians in small business – COVID-19 response package

5.6 Insolvency reforms to support small business

© National Tax & Accountants’ Association Ltd: 06 October 2020