Budget 2021-22

The 2021-22 Federal Budget is a balancing act between a better than anticipated deficit of $106 billion, 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.

We have summarised and condensed information from the Budget in the following report.