Federal Budget 2021-22: The Balancing Act Budget
Posted 13 May '21
Posted 13 May '21
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.
For many small business owners, a new car is both a practical business tool and a significant financial commitment. One of the first questions we are often asked is: “Should I buy the car through my company, or should I own it personally?”
With the 2032 Olympics on the horizon and a decade of infrastructure spend rolling into the River City, Brisbane commercial property is
having its moment in the sun. And for business owners, one of the smartest wealth moves on the table is buying your own business
premises
inside your Self-Managed Super Fund (SMSF) – then leasing it back to your business. Rent you’d otherwise pay a landlord ends up building your
retirement nest egg instead. Genuis!
But – and it’s a big but – the rules changed on 10 August 2026. So before we get to the good stuff, let’s clear up exactly what you can and
can’t do now.
For Queensland builders, tradies and construction businesses, QBCC financial compliance is about more than completing another annual form. The financial position of a licensed business can affect its ability to continue operating under its contractor licence and take on work.