Victorian State Budget 2021-22: Analysis
Victorian Treasurer Tim Pallas announced a number of further tax changes in the state Budget handed down on 20 May 2021 that will impact a wide range of Victorian businesses.
Increased land tax, stamp duty and new windfall gain tax to impact land owners and developers
Ahead of the Victorian State Budget which will be handed down this coming Thursday, Treasurer Tim Pallas has announced tax increases that are intended to raise an extra $2.7 billion over the next four years.
Federal Budget 2021-22: Motor industry insights
The Federal Budget 2021-22 underpins the striking economic recovery experienced in the Australian retail automotive industry starting in mid-May 2020, with many of the measures announced putting the industry in good stead to invest in growth, expansion and their employees in the Budget’s forecasted period.
Federal Budget 2021-22: Overview
The Federal Budget 2021-22 was built against the backdrop of an ongoing global pandemic and the faster than expected economic recovery to date. The resilience and resurgence of much of Australia’s economy has been supported by a range
of temporary Government initiatives designed to help businesses and individuals navigate the unprecedented upheaval in the Australian and global economies.
Federal Budget 2021-22: Key expenditure measures
The Government announced a range of expenditure measures to stimulate growth in key sectors, while also addressing priority policy areas, including the country’s digital capabilities and funding to support women.
Federal Budget 2021-22: Personal income tax
The Government will maintain changes to reduce personal income tax. This measure is designed to continue to stimulate the economy by increasing the disposable income available to individuals.
Federal Budget 2021-22: Business tax
The Government has provided further support for capital investment by businesses and assistance with cash flows by extending the “temporary full expensing” measure as well as the loss carry-back offset for an additional income year. Important changes to the minimum threshold for the superannuation guarantee charge (SGC) have also been announced.
Federal Budget 2021-22: Finance and investment
The Government has committed to the introduction of the Corporate Collective Investment Vehicles regime (CCIVs) regime, with a revised start date. There has also been a number of minor technical changes announced to the Taxation of Financial Arrangement (TOFA) rules relating to portfolio hedging and foreign currency.
Federal Budget 2021-22: International tax
The Government has announced a significant change to Australia’s individual tax residency rules, as well as some other cross-border proposals of note.
Federal Budget 2021-22: Superannuation
Superannuation changes announced in the Budget are beneficial in nature and mainly target increasing flexibility and contribution opportunities for individuals over age 60.