The 2021/22 budget was handed down by federal government last night. As was the case with the delayed (COVID) 2020/21 budget, the focus is expansionary to pump money into the economy.
Below is an overview of the key issues that we expect will most impact financial plans and strategy in the future. This isn't a complete list of all the initiatives that were announced so if you require further detail on the information below or on any other matters from the budget announcement then please contact our office and we'll be very happy to provide that detail.
The key initiatives are:
Low and Middle Income Tax Offset (LMITO):
This offset was introduced for the current tax year and will be carried over to the 2022 financial year as well (ie: to 30 June 2022).
Next Level Financial Services provides financial information in an easy to read format.