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.
The ATO is cracking down on unreported income in 2025. Learn which income sources you must declare in your tax return – from Airbnb and side hustles to crypto and overseas earnings.
Traditionally, many business owners only speak to their accountant once a year, and it’s usually right before tax time. If that’s the only time you’re checking in, you could be missing out on game-changing insights and support that could help you make smarter decisions all year round.
When you plan with intention - and pair it with accountability - you’re not just hoping things will work out. You’re building a business that will.