Federal Budget 2021-2022

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Running Time: 28.41

Date: 01/06/2021

  • LMITO retained for 2021-22 tax returns
  • Personal tax rates unchanged for 2021-22
  • Self-education expenses
  • Primary 183-day test for individual tax residency
  • Temporary full expensing
  • Loss carry-backs
  • Employee share schemes
  • Patent Box for medical and biotech patents income
  • Digital Economy Strategy
  • Small business to be able to pause disputed ATO debt recovery
  • Work test
  • SMSF residency requirements
  • Super Guarantee
  • Downsizer
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Peter McGinty, Chartered Accountants Australia and New Zealand