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 provided an update on the economic and fiscal outlook on 23 July.
You can read all of BDO's analysis from last year's 2019-2020 budget.
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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How will Coronavirus impact on the Budget?
With a range of challenges ahead for Australian business, the recovery effort will be different for different parts of the economy.
Australian, State and Territory governments have implemented 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.
25/09/2020: What directors need to know about the most significant insolvency reforms in decades - BDO’s Business Restructuring experts have identified a number of issues that directors need to consider under a Chapter 11 styled restructure.
24/09/2020: The ATO published seven alternative tests that can be used to determine if the decline in turnover test is satisfied for the purposes of JobKeeper after 28 September 2020. Read the Technical Update.
24/09/2020: Register to our BDO Federal Budget 2020/21 Analysis (Virtual Event) - BDO's leading tax specialists will interpret and analyse the areas the Government has earmarked for business as we continue to navigate towards economic recovery.
23/09/2020: Our Tax team has released a technical update on the new legislative instruments on the JobKeeper extension.
21/09/2020: BDO Australia has predicted two key stimulus responses will form a key part of the forthcoming Federal Budget, to be delivered on Tuesday 6 October.
15/09/2020: BDO Australia has responded to the Government’s release today of the new ‘rules’ for JobKeeper 2.0.
24/08/2020: Our tax advisers provide comment on JobKeeper payment scheme updates, specifically the 31 August due date for JobKeeper payments for new eligible employees.
07/08/2020: BDO's Tax team outline the changes to the JobKeeper extension turnover test.
27/07/2020: BDO's National Leader of Financial Services, Tim Aman, delivers a Financial Services Outlook in the time of COVID-19 and speaks about the prospect of a looming recession.
24/07/2020: BDO Tax Partner, James Trainor, steps you through the key changes to JobKeeper and JobSeeker and how these changes might apply to your business in this 25-minute webinar.
23/07/2020: BDO's Global Head of Natural Resources, Sherif Andrawes shared his insights into Australia's natural resources sector following the Federal Government's economic forecast.
23/07/2020: BDO's National Leader for Manufacturing & Wholesale, Ryan Pollett shared his views on whether JobTrainer will be enough to address Australian manufacturing’s skills shortage.
21/07/2020: Our tax advisers provided comment on what has changed and what Australian businesses need to know as JobKeeper and JobSeeker payments are extended and reduced.
21/07/2020: BDO's Mark Molesworth comments on the changes to JobKeeper and JobSeeker and how the extension of the payments could provide a parachute for a softer landing for many businesses but for others it will mean they will no longer be viable.
21/07/2020: The Federal Government has announced an increase in the number of loans where it will provide a guarantee to Australian banks to support lending to small organisations and corporates.
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.