Key business measures in 2020 Federal Budget is good news for signage industry: ASGA

The Australian Sign and Graphics Association (ASGA) believes that key business measures in the 2020 Federal Budget, which focus on jobs recovery, tax breaks and the expansion of the instant asset write-off, is good news for signage industry businesses.

The association has provided a summary of the key business-related budget measures as follows:

New JobMaker Hiring Credit (subject to qualifying conditions)

- $200 per week if hiring an eligible employee aged 16 to 29 years, or

- $100 per week if hiring an eligible employee aged 30 to 35 years.

More support for apprentices or trainees

From 5 October 2020 to 30 September 2021, businesses who take on a new Australian apprentice or trainee will be eligible for a 50 percent wage subsidy of up to $7,000 per quarter, regardless of geographic location, occupation, or industry.

Supercharged instant asset write-off

Instant asset write-off to support businesses with aggregated annual turnover of less than $5 billion. This will enable eligible businesses to claim a tax deduction for the full cost of eligible capital assets, acquired from 7:30pm AEDT on 6 October 2020.

Loss carry back to support businesses suffering temporary shock

A company will be able to obtain a refundable tax offset (i.e. cash-back) in a loss year against previously taxed profits, subject to satisfying certain conditions. The offset is uncapped.

New Fringe Benefits Tax (FBT) exemptions and concessions

Multiple work-related portable electronic devices, such as laptops, tablets and mobile phones, that are provided to employees in the same FBT year (and having substantially identical functions) will all be exempt from FBT.

For more information:

1. Factsheets: go to https://budget.gov.au/2020-21/content/factsheets
2. The Economy Recovery Plan for Australia and Key Measures Summary: go to https://budget.gov.au/2020-21/content/factsheets/download/economic_recovery_factsheet.pdf