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.
In this blog, we’ll walk you through the key criteria for qualifying for the FBT exemption, the costs that can be included, how to handle electricity expenses for charging, what you need to know about charging stations, and some common pitfalls to avoid as a business owner.
Easy Automated Sales is a brisbane based software business providing practical solutions for SME's. We sat down with owner, Colin Feguson, to learn more about this product and how it can best help Brisbane small business.
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