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    Australian Federal Budget 2020-21

    It has been a difficult year with catastrophic weather events and the COVID-19 pandemic, making the Australian Federal Government’s announcements on the Budget for 2020-21 a major milestone for our economy.

    BT is here to help. Bryan Ashenden, BT’s Head of Financial Literacy, and his team have analysed the Federal Budget 2020-21 and broken it down into meaningful insights to help you understand what it means for you and Australia’s economic recovery.

    Key insights

    Budget breakdown

    Australian Federal Budget breakdown 2020

    View a summary of the key changes announced in the 2020-21 Federal Budget.

    Tax measures explained (PDF)

    Tax measures explained (PDF)

    The new tax landscape and what it means to you.

    The Budget and the economy (PDF)

    The Budget and the economy (PDF)

    Understand the state of the nation's finances as announced in the Federal Budget.

    Budget summary for SMSFs (PDF)

    Budget summary for SMSFs (PDF)

    Understand how the Federal Budget impacts Self Managed Super Funds (SMSFs).

    Budget implications for families

    What does the 2020 Federal Budget mean for families?

    The Australian Government has set out a plan to support the economy through jobs growth, tax cuts and by rolling out of one-off payments. What does the Budget mean for families?
    What does it mean for businesses?

    What does the 2020 Federal Budget mean for businesses?

    The Government has announced a raft of major initiatives that are designed to help businesses survive through the COVID-19 period. What does the Budget mean for businesses?
    Budget summary for retirees

    What does the 2020 Federal Budget mean for pensioners?

    The government has announced one important initiative to help retirees on the aged pension, given their payments won’t be indexed this year. What does the Budget mean for pensioners?
    What the 2020 Budget means for job creation

    What does the 2020 Federal Budget mean for job creation?

    The Australian Federal Budget has outlined a comprehensive plan to lower unemployment, build skills and get people back to work. What does the Budget mean for job creation?
    Opposition's response (PDF)

    Opposition's response (PDF)

    View a summary of the Opposition's response to the 2020-21 Federal Budget.

    The Federal Budget 2020-21 by Bryan Ashenden – Watch a summary of the key highlights
    The Federal Budget for SMSFs by Bryan Ashenden – Watch a summary on the Federal Budget and its implications for SMSFs

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    Disclaimer:

    The content in this page has been prepared by BT, a part of Westpac Banking Corporation ABN 33 007 457 141 AFSL and Australian Credit Licence 233714 (Westpac) and is current as at 6 October 2020.

    The information regarding taxation and legislative change is based on policy announcements which are yet to be passed as legislation and may be subject to future change.

    This information does not take into account your personal objectives, financial situation or needs and so you should consider its appropriateness, having regard to these factors before acting on it.