Spotlight on Australia’s Budget for 2021/22
Insight from the IBFD Asia-Pacific Team
The Treasurer delivered the 2021/22 Federal Budget on 11 May 2021. It emphasizes measures aimed at economic recovery, including a patent box regime to encourage R&D spending, extension of temporary full expensing of assets and loss carry-back, a new bright-line test for individual tax residency and various reliefs for individual taxpayers.
The main taxation measures announced in the Budget are summarized in the report.