---
title: Federal Budget 2020
description: Information on the Federal Budget 2020 all in one place. For businesses or individuals – how will the Federal Budget affect you?
image: https://info.modoras.com/hubfs/2020%20Federal%20Budget/Modoras/Modoras%20website%20banner454x300%20HWFBAY%2016September2020.jpg
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# Federal Budget 2020
### The COVID-19 pandemic is likely to significantly impact the Federal budget and therefore is likely to affect you. After all, the billions in Government spending will need to be recouped from somewhere. The questions are who will they collect from and when will they start?
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### So what's included in the Federal Budget?
The 2020-21 Federal Budget has been released and as expected, we have seen tax cuts and Government spending set for individuals and businesses, some of which may impact you.
As the world begins its recovery from the COVID-19 pandemic, this Budget proves to be a key component in how our country will make its way out of its first recession in almost 30 years.
Click the below to review this year’s outline of the Federal Budget initiatives. As always, the Budget announcements are statements of proposed changes only, and do not come in to force until they are passed by the Senate and become law.
[](https://blog.modoras.com/federal-budget-2020-tax-individuals)
##### **Tax (Individuals)**
- Immediate tax relief for low-to-middle income earners
- Reduction of key marginal tax rate
[](https://hubspot-cta-redirect-ap1-prod.s3.amazonaws.com/cta/redirect/4071027/7f063f7e-f118-4c8a-98da-5bc3cd11745e)
[](https://blog.modoras.com/federal-budget-2020-superannuation)
##### **Superannuation**
- Changes to voluntary super contributions
- Increasing age limit for spouse contributions
- Extended access to bring-forward non-concessional contributions
[](https://hubspot-cta-redirect-ap1-prod.s3.amazonaws.com/cta/redirect/4071027/04156362-c72b-4c3f-ae73-d2185daf5981)
[](https://blog.modoras.com/federal-budget-2020-supporting-australian-businesses)
##### **Supporting Australian Businesses**
- An increase to the instant asset write-off
- An expansion to the instant asset write-off
[](https://hubspot-cta-redirect-ap1-prod.s3.amazonaws.com/cta/redirect/4071027/f6349fcb-e923-4d08-9bf3-3a42e567d385)
[](https://blog.modoras.com/federal-budget-2020-aged-care)
##### **Aged Care**
- Pension Loan Scheme increase
- Increase in residential aged care funding
[](https://hubspot-cta-redirect-ap1-prod.s3.amazonaws.com/cta/redirect/4071027/e50abb97-f9a2-4d08-95cb-6263ad299ef8)
---
# Related Topics
[](https://modoras.com/800m-budget-plan-to-push-business-digital/)
# $800m Federal Budget 2020 Plan to Push Business Digital
Prime Minister Scott Morrison has announced an $800 million plan as part of the upcoming Federal Budget to push businesses in adopting new digital technologies and aid in post COVID recovery.
[](https://modoras.com/why-you-should-care-about-the-federal-budget/)
# Why you should care about the Federal Budget
While the federal budget is yet to be released, a few ministers have let slip about some policy changes we can expect come 6 October.It can be expected that this budget will be one of the most important budgets in recent years, as it will reveal the Government’s plan to assist the nation through the recession. The first formally announced economic downturn in 30 years.
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