The 2021-22 Federal Budget is a balancing act between a better than anticipated deficit ($106 bn), an impending election, and the need to invest in the long term.
It is also a human budget (cynics would say voter focussed), with $17.7 billion dedicated to aged care, more money in the pockets of low
income earners, the COVID vaccine rollout, $2 billion for mental health, a women’s economic package including a child care subsidy increase
and funding to prevent violence, and a Royal Commission into defence and veteran suicide.
KEY FEDERAL BUDGET INITIATIVES
In the 2019–20 Budget, the government announced that Single Touch Payroll (STP) would be expanded to include additional information.
Throughout March, the ATO sent letters to directors who are potentially in breach of their obligations to ensure that the company they represent has met its PAYG withholding, superannuation guarantee charge, or GST obligations.
It’s a great headline isn’t it? Spend $100 and get a $120 tax deduction. Days after the Federal Budget announcement that businesses will be able to claim a 120% deduction for expenditure on training and technology costs, we started receiving marketing emails encouraging us to spend now to access the deduction.