Federal Budget 2021-22: The Balancing Act Budget
Posted 13 May '21
Posted 13 May '21
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
• $17.7 billion over 5 years to reform aged care
• $2.3 billion on mental health infrastructure and programs
• New and extended home ownership programs for first home owners and single parents.
For Queensland builders, tradies and construction businesses, QBCC financial compliance is about more than completing another annual form. The financial position of a licensed business can affect its ability to continue operating under its contractor licence and take on work.
We’re excited to introduce our latest Partner in Business, Simon Clarke, Director of Setlr Buyers Agents. Simon and his team understand that buying property isn’t just about finding the right home or investment. It’s about having the right advice, local knowledge and support to make a confident, well-informed decision.
We’re excited to introduce our latest Partner in Business, Davy Partners, led by Kateena Mills and Aaron Wells. With expertise spanning HR, digital strategy and marketing, their team helps growing businesses put the right people, processes and systems in place to move forward with confidence.