Australian Federal Budget 2021

Josh Frydenberg’s third Federal Budget aims to continue the climb to recovery in our economy. Download the Fact Pack below for a summary of key announcements.

The Australian economy has fared better than most around the world through COVID-19. 
 

Here we outline the key announcements of the Australian Federal Budget 2021 announced this week. 

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2021-22 BUDGET HIGHLIGHTS

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 Cash Deficit

  • Underlying cash deficit forecast to reach $106.6 billion in 2021-22

  • Net Debt will peak at 40.9% of GDP in June 2025
     

Personal Tax

  • Maintain the low-middle income tax offset in 2021-22
     

Families

  • From 1 July 2022, childcare subsidies paid to approved childcare provided will increase, reducing the costs of childcare fees. (see appendix for the changes)
     

Temporary Full Expensing

  • Extension of temporary full expensing for an additional 12 months
     

Loss Carry Back

  • Extended for losses in 2022-23 year
     

Intangible Assets

  • Taxpayers to self-assess the effective life of new intangible asset

 

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