The Balancing Act: The 2021/22 Budget Detailed Review

Kieran BowdenAustralian Budget, General

The Balancing Act The 202122 Budget Detailed Review

The 2021-22 Federal Budget is a balancing act between a better than anticipated deficit ($106 bn), an impending election, and the need to invest in the long term.

Key initiatives include:

  • Extension of temporary full expensing and loss-carry back providing immediate deductions for business investment in capital assets
  • Introduction of a ‘patent box’ offering tax concessions on income derived from medical and biotech patents
  • Tax and investment incentives for the digital economy
  • Extension of the low and middle income tax offset
  • Child care subsidy increase for families with multiple children
  • Work test repealed for voluntary super contributions
  • $450 per month threshold for super guarantee eligibility removed
  • New and extended homeownership programs for first homeowners and single parents

We’ll keep you up to date on the latest changes via our emails, Facebook and LinkedIn.

Grab a cuppa, settle in and download the budget below.

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