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ASX to rise; small businesses get tax breaks

Jessica Yun
·2-min read
CANBERRA, AUSTRALIA - JUNE 18: Prime Minister Scott Morrison and Treasurer Josh Frydenberg during Question Time in the House of Representatives at Parliament House, on June 18, 2020 in Canberra, Australia. The Australian Bureau of Statistics has released the Labour force figures in Australia for May 2020. Australia's unemployment rate jumped to 7.1 percent in May from 6.4 percent in April, with the Bureau of Statistics estimating a further 227,700 jobs were lost last month.  (Photo by Sam Mooy/Getty Images)
CANBERRA, AUSTRALIA - JUNE 18: Prime Minister Scott Morrison and Treasurer Josh Frydenberg during Question Time in the House of Representatives at Parliament House, on June 18, 2020 in Canberra, Australia. The Australian Bureau of Statistics has released the Labour force figures in Australia for May 2020. Australia's unemployment rate jumped to 7.1 percent in May from 6.4 percent in April, with the Bureau of Statistics estimating a further 227,700 jobs were lost last month. (Photo by Sam Mooy/Getty Images)

Good morning.

Here’s your Yahoo Finance Friday morning wrap:

ASX: The Australian share market is expected to open in the green after Wall Street closed higher overnight following a volatile session.

American investors juggled both good and bad news about stimulus talks as well as waning momentum on economic recovery, which has now hit its nine month. All three major US stock indices closed green.

What could Budget2020 hold for jobs? Well, the upcoming budget will be all about jobs, and creating them, in order to lift unemployment and push the economy forward. Here’s what contributing editor Samantha Menzies has summarised what the Federal Government is likely to throw money into.

More budget leaks: if you run a small business, you’ll get access to tax breaks and red tape cuts under a $112 million plan that will be outlined in Tuesday’s budget.

The small business entity turnover threshold will be increased from $10 million to $50 million for 10 different tax concessions, and the 47 per cent fringe benefit tax will also be removed on retraining provided to redundant workers. Here’s what else we know.

If you’ve been working from home during the pandemic, here’s some good news for you. You’ll see a bump to your tax return next year because the Assistant Treasurer has announced an extension to the work-from-home tax ‘shortcut’.

Todd has written in to Yahoo Finance. He’s just had his first child and is wondering whether an education bond is a good investment. Here’s what Aussie Advisor Brendan Gow said.

What’s the Liveable Income Guarantee? It’s a new proposal by the Australian National University Policy Brief. You kind of take the age pension and extend it to others... for the price of tax cuts. Here’s more on that, by three political economists.

Six recommendations. That’s how many were made by the royal commission into aged care to the government, and Aged Care Minister Richard Colbeck has accepted them all. Here’s where the initial $40.6 million funding will go and what the recommendations are.

Have a great day.

–with AAP

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