Treasury’s update on the economic and fiscal outlook.
Treasurer Josh Frydenberg’s Economic Statement on 23 July 2020 has revealed an expected major deterioration in the budget position as a result of the COVID-19 support.
Most of the tax and superannuation measures detailed in the Economic and Fiscal Update have been previously announced and many enacted. However, some changes to superannuation and tax measures have slipped in.
The economic and fiscal outlook remains highly uncertain as a result of the second wave of COVID-19 being experienced in Australia. The Government will provide forecasts and projections over the forward estimates period and medium term in the 2020-21 Budget to be delivered on 6 October 2020.
Below is an infographic provided by the Institute of Chartered Accountants Australia New Zealand.
As always, if you have any questions or concerns, please give the office a call to talk to one of the team