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.
2021-22 BUDGET HIGHLIGHTS
Underlying cash deficit forecast to reach $106.6 billion in 2021-22
Net Debt will peak at 40.9% of GDP in June 2025
Maintain the low-middle income tax offset in 2021-22
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
Taxpayers to self-assess the effective life of new intangible asset