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.
The key initiatives we believe are relevant to you, our clients, include:
- The low and middle income tax offset will be extended to the 2022 tax year – provides an offset up to $1,080 for individuals earning up to $126,000, which is in place for the current year;
- The temporary full expensing of assets purchased has been extended to 30 June 2023, meaning that eligible businesses can continue to claim a full deduction in the year of purchase for eligible assets.
We have a full guide available to you which breaks down the budget. You can access it for free here.
If we can assist you to take advantage of any of the Budget measures, or to risk protect your position, please contact us.