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”While we are not yet out of the pandemic, we are better placed than most other countries in the world to meet the economic challenges that lie ahead.”

Last night, Treasurer Josh Frydenburg announced the 2021-2022 Federal Budget, leaving many dubbed as winners and losers in this year’s $106 billion in deficit.

The most surprising outcome involved the sizable cash splash after the mountain of debt caused by the COVID-19 pandemic, leading many to label this year’s budget as “aiming to please.”

Some of the main announcements include tax relief for low to medium income earners, as well as for SME (small to medium entities) and changes to superannuation.

So, let’s get into the nitty gritty – what does this mean for business owners? Here’s your cheat sheet to understand which parts of the budget announcement will impact you.

Business Tax Breaks worth $20b

The government has extended the ‘temporary full expensing’ measure until 30 June 2023 which enables businesses with domestic turnovers capped at $5 billion to deduct up front the full cost of eligible assets.

The loss carry-back provisions allow the same companies to write off COVID-19 induced losses against previous profits.  That means the losses for the 2022-23 can be written off against a 2018-19 profit.

The temporary full expensing and loss carry back provisions are now considered to be worth $20.7 billion in tax savings for business.

Low to Middle Income Earners Win

The low- and- middle- income tax offset, known as MITO, is an end of year rebate (for 30 June 2020) has been extended to 30 June 2021. This is an overall cost to the economy of $7.8 billion but was considered necessary due to the ongoing pandemic abroad still posing a threat to confidence.


Affecting many businesses and their staff, the superannuation guarantee will be expanded to include people earning less than $450 per month.

One change that did not eventuate though was superannuation payments provided as part of paid paternity leave.  This was not included in the budget updates.

Other Items Debt Recovery Pause : The budget confirmed the government’s plans to streamline moves by small business operators to pause or modify Australian Taxation Office debt recovery actions. The Administrative Appeal Tribunal will have broader powers to pause or modify such actions until the underlying dispute is resolved, providing an avenue for small businesses to ensure they are not required to start paying a disputed debt until the matter has been determined by the tribunal. Vaccine Rollout : An extra $1.9 billion will be spent on our vaccine strategy over the next five years. Win for Small Brewers: The little guys of the hospitality industry are getting some more help this year with $255 million in tax relief. New Project Funding: There After will be an additional $15.2 billion in new project funding through the 2021–22 Budget, supporting an estimated 30,000 jobs across every State and Territory. Infrastructure and Roads: Through the 2021-22 Budget the Australian Government has committed an additional $1 billion to the Local Roads and Community Infrastructure Program, bringing the total commitment to $2.5 billion. In QLD, this includes funding projects for the Bruce Highway and Cairns Western Arterial Road Duplication.

Other favourable areas of the budget included childcare relief, mental health, aged care, women’s health and safety and farming.

Still have questions? We don’t blame you. To clear up any confusion about this year’s Federal Budget announcement, reach out at , or read more here .

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