Key points in the federal budget 2021-2022
January 1, 2022
Key points in the Federal Budget 2021-2022
The Federal Budget 2021-22 has many announcements and proposals aimed at economic recovery and includes investment in jobs, essential services, business incentives and tax cuts.
Budget Highlights for Business
- Temporary full expensing measures extended until 30 June 2023 - eligible businesses can claim an immediate deduction for the total cost of depreciating assets.
- Temporary loss carry-back rules extended - eligible companies can carry back tax losses from the 2023 financial year to offset tax bills from 2019 onwards.
- Administrative Appeals Tribunal given the power to pause or modify ATO debt recovery action - reducing the legal fees and red tape for small business.
- Tax cuts - small to medium company tax rates will reduce to 25% from 1 July as planned.
- Recognition
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