Australia’s Federal Budget (Budget) for the 2020-21 year was announced on October 6. Consistent with its goal of stimulating economic growth and employment, the Budget includes tax measures designed to encourage business investment. This Insight summarizes measures that may be relevant for multinational groups, including:
For a more comprehensive analysis of all budget measures (including individual tax measures), please refer to PwC Australia’s Budget Analysis.
Australia’s Budget was designed to stimulate economic recovery and employment growth. To this end, it includes a range of tax changes that could provide opportunities to taxpayers with Australian operations, including the potential to obtain cash refunds, significant accelerated deductions, and R&D and employment incentives.
However, multinational groups will need to determine whether they are eligible to utilize these changes.