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2021-22 Federal Budget Update

12 May 2021

Introducing this year’s Federal Budget 2021-22

The Federal Treasurer, Mr Josh Frydenberg, handed down the 2021–22 Federal Budget at 7:30 pm (AEST) on 11 May 2021.

A stronger than expected economic recovery from the COVID-19 recession has resulted in a budget deficit of $161 billion, $52.7 billion lower than the government’s expected deficit. With the virus still a threat to the global and domestic economy, the Budget contains various measures to support businesses and individuals with job creation, incentives, tax relief and superannuation changes.

Existing tax reliefs, including the low and middle income tax offset, the temporary company loss carry back rules and the full expensing of depreciating assets will be extended for another 12 months. Other key changes include a modernised individual tax residency bright-line test, tax concessions for medical and biotechnology innovations and removal of the $450 threshold to be eligible for superannuation guarantee.

The tax and superannuation highlights are set out below.

  • The low and middle income tax offset, available to taxpayers earning less than $126,000 per year, will remain for the 2021–22 income year.
  • Temporary full expensing of eligible asset purchases by eligible businesses will be extended by 12 months to 30 June 2023.
  • The temporary loss carry back offset for companies will be extended by one year to apply for 2022–23 income year losses.
  • Superannuation guarantee exemption for employees earning less than $450 in a month will be removed.
  • The cessation of employment taxing point will be removed for tax-deferred employee share schemes that are available for all companies.
  • Taxpayers with certain intangible depreciating assets will be given the choice of using the statutory effective life or self-assessing the decline in value from 1 July 2023.
  • Corporate income derived from Australian medical and biotechnology patents in income years starting on or after 1 July 2022 will be taxed at a concessional rate of 17%.
  • Income tax exemption for qualifying grants made to primary producers and small businesses affected by the storms and floods in Australia.
  • The junior minerals exploration incentive which was due to end in 2020–21 will be extended 4 more years, from 1 July 2021 to 30 June 2025.
  • From 1 July 2023 income tax exempt NFPs with an active ABN will be required to submit the information used to self-assess their eligibility for the exemption in an online annual self-review form.
  • Concessional tax treatment for offshore banking units will be removed.
  • From 1 July 2022, individuals aged 67 to 74 will no longer be required to meet the work test when making or receiving non-concessional superannuation contributions or salary sacrificed contributions.
  • From 1 July 2022, the eligibility age to make downsizer contributions into superannuation will be reduced from 65 to 60 years of age.
  1. 2021-22 Federal Budget Highlights
  2. Individuals
  3. Companies and Business
  4. Not-for-profits
  5. International Tax
  6. Superannuation

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