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.
2021-22 BUDGET HIGHLIGHTS
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Cash Deficit
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Underlying cash deficit forecast to reach $106.6 billion in 2021-22
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Net Debt will peak at 40.9% of GDP in June 2025
Personal Tax
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Maintain the low-middle income tax offset in 2021-22
Families
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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
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Extension of temporary full expensing for an additional 12 months
Loss Carry Back
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Extended for losses in 2022-23 year
Intangible Assets
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Taxpayers to self-assess the effective life of new intangible asset
