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.
Rising business costs can quickly squeeze profit. For many business owners, that creates an uncomfortable question: do I put my
prices up and risk losing customers, or absorb the higher costs and hope things improve?
Learn how to review your margins, pricing and break-even point before deciding whether to raise prices.
“So… how much does an SMSF actually cost me?” It’s hands-down the most common question we get from trustees, and the honest answer is: it depends on who you ask – and, crucially, on how they charge you. Let’s cut through the noise and put some real numbers on the table.
Starting a company is an exciting step, but the order in which you register your business and make purchases can affect your GST claims. If you have paid for equipment or start-up expenses personally before your company was incorporated, you may be wondering whether those GST credits are lost.