The Federal Budget 2021-22 was handed down last night. A stronger than expected economic recovery from the COVID-19 recession has resulted in a budget deficit of $161 billion, $52.7 billion lower than the government’s expected deficit.
With the virus still a threat to the global and domestic economy, the Budget contains various measures to support businesses and individuals with job creation, incentives, tax relief and superannuation changes. For further details read the Federal Budget Tax and Accounting Overview.
If you would like any further information on how the budget may affect you or your business please contact your accountant and business adviser.