Australia s 2021 federal budget introduced key changes including a highly anticipated patent box regime
Australia’s 2021 budget, delivered on May 11 by Treasurer Josh Frydenberg, was designed to reduce tax compliance costs, boost investment in digital operations, build certainty in the tax system, and encourage business investment. The country is able to invest in improvements because its revenue collection is in a healthy position despite the COVID-19 pandemic.
The most significant corporate tax measures for tax directors to note include:
A patent box regime at a 17% rate for medical and biotechnology patents;
An additional year of full asset write-offs and loss carry-backs;
Treasurer Josh Frydenberg: the government has ruled out bringing forward stage three of its income tax cut package.Â
Alex Ellinghausen
Retirees
People who downsize their family home and are rewarded by being able to contribute $300,000 to superannuation ($600,000 for couples) will be able to do so at age 60, down from 65.
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The budget will abolish the work test, which requires those aged between 67 and 74 to be gainfully employed for at least 40 hours over 30 consecutive days during the financial year before concessional or non-concessional superannuation contributions can be made.
Infrastructure
The $100 billion, 10-year infrastructure program will be boosted by another $10 billion, with the extra funding spread across eight road projects, the biggest of which will be $2.03 billion for the upgrade of the Great Western Highway.
Date Time
Boosting jobs and maximising growth to secure Australia’s recovery
The Morrison-McCormack Government will maximise long-term economic opportunities and job creation to secure Australia’s recovery, by expanding the nation’s resources sector and prioritising development of northern Australia.
Minister for Resources, Water and Northern Australia Keith Pitt said new measures in the 2021-22 Budget will build a more secure and resilient Australia, delivering jobs, opportunities and long-term benefits, particularly for regional Australia, as the economy recovers from the COVID-19 pandemic.
“The 2021-22 Budget locks in funding to accelerate the development of northern Australia, and to build a global resources strategy and network to strengthen a vital sector that continues to underpin our economic recovery and wellbeing,” Minister Pitt said.
Federal Budget 2021: Whatâs in it for Western Australia?
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Itâs been described as a âsplurgeâ budget aimed at creating 250,000 jobs over the next four years with tax cuts and billions poured into aged care and mental health, but beyond the nationwide hits what is in the 2021-22 budget for West Australians?
Treasurer Josh Frydenberg and Finance Minister Simon Birmingham during a budget lock up press conference at Parliament House in Canberra on May 11, 2021.
Credit:Dominic Lorrimer
Look to the stars
The federal government will cough up $387.2 million to help build the long-vaunted Square Kilometre Array radio telescope in the Murchison.