D’Omkara – Federal Budget 2021
The 2021-22 Federal Budget is a balancing act between a better than anticipated deficit ($106bn), an impending election, and the need to invest long term.
It is also a human budget (cynics would say voter focused), with $17.7 billion dedicated to aged care, more money in the pockets of low income earners, the COVID vaccine rollout, $2 billion for mental health, a women’s economic package including a child care subsidy increase and funding to prevent violence, and a Royal Commission into defense and veteran suicide.
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 partnered with Knowledge Shop to bring you a comprehensive guide on the 2021-22 Federal Budget, and its biggest winners.
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