“The Australian economy is well on its way to recovery.” – Josh Frydenberg”
“The 2021-22 Budget maintains the momentum of Australia’s economic recovery. It supports jobs and guarantees services and is the next stage of the Government’s economic plan to secure Australia’s recovery” – [Australian Taxation Office]
The key announcements were:
- The budget is $106 billion in deficit this year, with deficits forecast for the next decade
- The low and middle income tax offset to be extended to 2021-22
- Individual tax residency rules reformed to a ‘bright line’ 183 day test
- A new 17% patent box tax rate
- Temporary Full Expensing and loss carry back extended to 30 June 2023
- The 2021-22 Budget contained $1.9 billion to support women’s economic security including $1.7 billion of child care measures for Australian families
- Record investment in health and essential services
- Infrastructure focus on productivity, national freight & supply chains
For more information please do not hesitate to contact JBC Corporate on 08 6323 7000.
