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Home » News & Resources » Budget » Australian Federal Budget 2021-22

Australian Federal Budget 2021-22

May 12, 2021

The 2021-22 Federal Budget is a balancing act between a better than anticipated deficit ($106 bn), 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

At Eclipse Accounting Group, we’re about so much more than just numbers.

We’re invested in the good of our clients, our team and our families, and we strive to make a difference in the wider world.

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