Federal Budget 2020-2021
BDO provides expert analysis for the Federal Budget each year.
What is the date for the 2020-21 Australian Federal Budget?
Due to the Coronavirus, the date for Federal Budget 2020-2021 has been delayed by the Federal Government - it will be handed down in Parliament on 6 October. The Federal Treasurer has advised that he will provide an update on the economic and fiscal outlook on 23 July.
You can read all of BDO's analysis from the 2019-2020 budget.
How will Coronavirus impact on the Budget?
Australian, State and Territory governments have announced a range of stimulus packages addressing the economic impacts of the Coronavirus.
According to treasury.gov.au, "The Government’s economic support package of $259 billion represents fiscal and balance sheet support across the forward estimates of 13.3 per cent of annual GDP. Direct fiscal measures are equivalent to around 6.9 per cent of GDP."
Refer to our technical updates for more details on the economic stimulus measures, and to our COVID-19 resources for businesses.
BDO will keep you updated on developments leading into the 2020-21 Federal Budget - follow BDO in Australia on LinkedIn and Twitter.
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09/06/2020: BDO's Tax Partner, James Trainor, spoke to the AFR Weekend on some of the Fringe Benefits Tax implications as employers look at what they can offer to staff in terms of car parking and taxi travel as part of return-to-work arrangements.
14/05/2020: BDO's Nicholas Martin provided comment to the Herald Sun on BDO Australia on the challenges being faced by businesses across Victoria.
13/05/2020: BDO's Mark Molesworth was quoted in the AFR raising the question of tax reform in a post COVID-19 environment.
12/05/2020: On what would have been Federal Budget day, Treasurer Josh Frydenberg MP delivered a speech in Parliament, providing an update on the Government's economic response to the Coronavirus.
02/04/2020: Our tax advisers provided comment on the Australian Government's release of two economic measures in response to the coronavirus (COVID-19).
31/03/2020: BDO Australia welcomed the Federal Government’s $130 billion wage subsidy scheme.
30/03/2020: Read our technical update on the Federal Government's announcement on the new wage subsidy and foreign investment rules in response to COVID-19.
23/03/2020: Read our media statement on the second $66 billion coronavirus stimulus package which was announced by the Morrison Government on 22 March: Coronavirus Stimulus II package announced.
20/03/2020: The Federal Budget will be delayed until October 6 due to the coronavirus.
12/03/2020: Read our media statement on the Australian Government's first economic stimulus announcement: ScoMo Jump Starts a Shaky Economy: announces $17.6 bn stimulus package following impact of COVID19 on businesses.
12/03/2020: BDO's Mark Molesworth has provided comment on the $17.6 billion stimulus package to the AFR, saying that the cash boost will be welcomed by business. (The link may be accessible to AFR subscribers only.)
12/03/2020: BDO's Mark Molesworth has provided comment on the $17.6 billion stimulus package to Accountants Daily: "The design of this measure will be critical. It will not be sensible if the business has to pay their full amount of PAYG withholding and then wait some weeks for the government to pay out. It will be much better if the boost is able to be offset against the PAYG payable on the business activity statement."
27/02/2020: BDO has welcomed the government’s proposal to review the laws on employee share schemes (ESSs), flagging that it will give start-ups a much-needed boost in attracting talent and investors. Read BDO welcomes Government review of employee share schemes to boost Australian start-ups.
25/02/2020: BDO used its pre-budget submission to call on the Government to make the tax system more equitable and efficient, particularly for small to medium enterprises (SMEs). BDO responded to the invitation from the Assistant Treasurer and Minister for Housing to submit ideas and priorities for the 2020-21 Federal Budget. Read BDO's call for reform to make the tax system equitable and efficient.
24/02/2020: BDO’s 2020-21 pre-budget submission uses this opportunity to request that the Government reinvigorate the tax reform agenda, with a focus on how the tax system can be simplified, be more equitable and efficient. Read BDO's 2020-21 pre-budget submission.
17/12/2019: The 2019-20 mid-year economic fiscal outlook (MYEFO) released on Monday 16 December 2019 shows the government is maintaining a budget surplus for 2019-20 but it has been reduced from $7.1 billion to $5 billion. Read MYEFO 2019-20.
9/12/2019: The Federal Government's Mid-Year Economic and Fiscal Outlook (MYEFO) update is to be delivered by Treasurer Josh Frydenberg on Monday 16 December. BDO Tax Partner, Mark Molesworth, provides advance comment: Santa Stimulus Strategy needed in MYEFO announcement.