News & Views

Northern Territory Budget 2020-2021

Chief Minister and Treasurer Michael Gunner delivered the NT Budget yesterday, stating that his 2020 budget covers 3 objectives – controlling the virus, protecting jobs and kick-starting the economy. In his speech, the Treasurer said “While the Australian economy is forecast to shrink by a further one-and-a-half per cent in this financial year, as the worst effects of the crisis are felt, in the Territory we are expected to hold about steady, contracting by just 0.1 per cent.”

South Australian State Budget 2020-2021

Treasurer Rob Lucas delivered his third State budget for the Marshall Liberal Government yesterday, with the main focus on economic recovery by creating jobs and inspiring confidence in business and households. 
 
In his budget speech, Treasurer Lucas stated “The government has decided that this budget needs to jump-start our economy through the largest ever economic stimulus in our state’s history — a $4 billion state stimulus package which will leverage another $1 billion in Commonwealth and local government and business stimulus. The total stimulus package will therefore inject more than $5 billion into the state’s economy.” 

Temporary Full Expensing Provisions

The temporary full expensing (TFE) of depreciating assets measure announced in the 2020-21 Federal Budget is now law. The Treasury Laws Amendment (A Tax Plan for the COVID-19 Economic Recovery) Bill 2020 (the Bill) received Royal Assent on 14 October 2020.

The TFE provisions allow eligible businesses with an aggregated turnover of less than $5 billion to claim a tax deduction for the full cost of an eligible depreciating asset purchased between 6 October 2020 and 30 June 2022 (the relevant period).
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