One of the key announcements to come out of the Federal Budget handed down on 6 October 2020, was the Government’s intention to create an internationally competitive and resilient manufacturing sector as part of its job creation and COVID-19 recovery strategies.
In addition to the $2 billion R&D tax incentives announced, the Federal Budget 2020/21 proposed further support to build Australia’s capabilities in key priority sectors. The Government announced it will be providing:
This investment will enable expansion of the investment mandate of the Clean Energy Finance Corporation (CEFC) to invest in low emissions technologies, network infrastructure, dispatchable generation and reliable supplies in the National Electricity Market (NEM).
For more information on any of the tax incentive announced in Federal Budget 2020/21, talk to your adviser or contact the Crowe Tax Advisory team.
For more Federal Budget coverage and news as it comes to hand, visit our Federal Budget Resource Centre.