Federal Budget 2021
17th May 2021
by The Landscape Association
Federal Treasurer, Josh Frydenberg, last week handed down his budget for the 2022 financial year. The focus of this budget is on securing Australia’s recovery from COVID-19 and it’s wide-reaching economic impacts. Below are some key measures affecting the landscaping industry, or you can click here to see a full outline of the budget details.
The Government is extending temporary full expensing for an additional year until 30 June 2023. Temporary loss carry-back is also being extended to include the 2022-23 income year.
The Government will deliver more than $16 billion in tax cuts to small and medium businesses by 2023-24 with around $1.5 billion flowing in 201920.
This includes reducing the tax rate for small and medium companies, from 30 per cent in 2014-15 to 25 per cent from 1 July 2021.
The Government will commit an additional $500 million, to be matched by state and territory governments, to expand the JobTrainer Fund by a further 163,000 places and extend the program until 31 December 2022.
The Government is spending an additional $2.7 billion to extend the Boosting Apprenticeship Commencements program. It is expected to support more than 170,000 new apprentices and trainees by paying businesses a 50 per cent wage subsidy over 12 months for newly commencing apprentices or trainees signed up by 31 March 2022. The subsidy will be capped at $7,000 per quarter per apprentice or trainee.
For more on these specific measures, click here.