2021 was to be the year we returned to a post-COVID normal however the pandemic has fundamentally changed the way many of us operate in our personal and work lives. Here is some of what we can expect in 2022
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Federal Budget
On 6 October 2020 Federal Treasurer Josh Frydenberg delivered the Federal Budget for the 2020-2021 income year.
It is fair to say it will be remembered as Australia’s biggest spending budget with a forecast deficit of $214 billion for the 2021 fiscal year.
The Federal Budget announced a series of measures, some of which were legislated before the election was called.
For individuals there are personal tax bracket changes coming from 1 July 2018 - The top threshold of the 32.5% personal income tax bracket will increase from $87,000 to $90,000*.
The 2018 Federal budget was handed down by Treasurer Scott Morrison in Canberra on Tuesday 8 May in the midst of Australia experiencing its 27th year of consecutive growth.
Small business tax write-off measures that were introduced in a previous Federal Budget allowing small businesses with a turnover up to $2million to immediately deduct assets of up to $20,000 per item, instead of having to claim deductions over a number of years has been proposed to be extended until 30 June 2018.
The 2017 Federal Budget was handed down in Canberra on Tuesday night (9 May) and as always, opinions are mixed about what it means for Australia.
You may or may not be aware that the Government announced in the 2016-17 Federal Budget that the small business tax offset rate would incrementally increase from 5% to 16% over a 10 year period.