Federal Budget 2021 22 Major SME Tax Changes

The Treasurer delivered the Federal Budget on Tuesday 11 May 2021. The Federal Government says the 2021-22 Federal Budget maintains the momentum of Australia’s economic recovery. It supports jobs and guarantees services and is the next stage of the Government’s economic plan to secure Australia’s recovery. Tax specialist Leo Hollestelle discusses the major tax changes impacting on SME’s including: 1. Extension of temporary full expensing of capital assets 2. Extension of temporary carry-back of company tax losses 3. Removing the $450 a month earnings threshold for superannuation guarantee (SG) eligibility 4. ATO Debt recovery reform for small businesses 5. Tax exemption for qualifying storm and flood grants 6. Extension of low and middle income tax offset (LMITO).

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