Our 2021/2022 Budget highlights in summary!
The Government has now released its budget for the coming year, and we have provided you with a summary of what we think may be relevant to you. Please remember to contact us if you would like a further understanding of any of the items, or if you believe that they may relate to you. Further note that these are announcements – they are not yet legislated. • The full expensing of assets less than $150,000 for SME is extended for any assets purchased until 30th June 2023 • The temporary loss carry back for companies now incurring losses who previously paid tax in the 2019 year continues into this tax year • SME can get cheaper credit loans if they received JobKeeper in the March 2021 quarter • R&D concessions for companies investing in biotech and medical innovation research • Occupational wage licenses between states and territories to assist with workers interstate • Extension of the JobTrainer program to December 2022 to lower course fees and costs • Super is now payable for all employees even if they are paid below $450 per month • The Medicare Levy low-income low threshold has increased for singles to $23 226 and families to $39 167 • The low and middle-income tax offset continues into the 2020 tax year • Changes to the First Home Super Saver (FHSS) the Government will increase the maximum releasable amount of voluntary concessional and non-concessional contributions under the FHSS scheme from $30,000 -$50,000 to assist first home buyers with their deposit. As always, please contact us if you would like to discuss these things further
Take care Vanessa and the team at Mirandas