There’s something for everyone in the 2021-22 Federal Budget!
Big Cash Flow for Business Investments in Assets, Reduced Company Tax Rate, Low Income Offset to Continue, Residency Rules more objective, Positive Superannuation Changes and more.
- From 1st July 2021 – Company tax rate lowers from 26% – 25% for the 2022 tax year.
- Temporary full expensing extended.
- Carry back losses extended from 2019 – June 2023.
- Employee share scheme changes.
- Low and middle income tax offset breaks extended for another year.
- Residency individual tax changes
- Continuation to contribute non-concessional amounts to their superannuation for those aged 67-74 from 1st July 2022.
- Government extends access to downsizer contribution.
We love tax and love presenting the budget each year! If you’d like to have a chat about any of the information presented in this video, chat to one of our friendly tax champions at Paris Financial.