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Federal Budget 2021-22

“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.

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