We expected the Federal Budget 2021-22 to continue to stimulate small businesses and to boost business confidence. Here is an overview of the Federal Budget 2021-22 announcements and what they mean for small businesses.
The Budget announced an extension to temporary full expensing and loss carry-back’s to 2023, broadening the AAT’s powers to pause ATO recovery actions and Tax relief for individuals and certain industries including brewers and distillers, games developers and medical & biotech.
Tax cuts for low/middle income earners in 2021-22
Limitless Instant asset write-off for SME's up to 30 June 2023
Loss carry back extended to 2023: reclaim tax paid on prior years
Discounted Tax rate for Medical & biotech patents from 1 July 2022
corporate tax rate.