Where To Find All The 2021 Federal Budget Papers
Share
We’re just a few hours away from the Australian 2021 Federal Budget being handed down. And it looks like it will include some of the biggest tech initiatives in over five years.
So it’s understandable if you’re particularly interested in how the government is spending taxpayer dollars this year. For those of you already playing at home, you may already know a bit of what to expect.
I want to know more about the 2021 Budget
The good news is that you don’t have to rely on the highlights from treasurer Josh Frydenberg’s budget speech later this evening.
Treasurer Josh Frydenberg: the government has ruled out bringing forward stage three of its income tax cut package.Â
Alex Ellinghausen
Retirees
People who downsize their family home and are rewarded by being able to contribute $300,000 to superannuation ($600,000 for couples) will be able to do so at age 60, down from 65.
Advertisement
The budget will abolish the work test, which requires those aged between 67 and 74 to be gainfully employed for at least 40 hours over 30 consecutive days during the financial year before concessional or non-concessional superannuation contributions can be made.
Infrastructure
The $100 billion, 10-year infrastructure program will be boosted by another $10 billion, with the extra funding spread across eight road projects, the biggest of which will be $2.03 billion for the upgrade of the Great Western Highway.
Advertisement
Tax breaks are on offer to home-grown medical and biotechnology companies to spur investment in innovation and help drive the economic recovery from the COVID-19 pandemic.
Income earned from Australian-developed and registered patents will be taxed at a concessional rate of 17 per cent from July next year, almost half the 30 per cent corporate tax rate.
Income from Australian medical and biotech patents will be taxed at 17 per cent.
Credit:Erin Jonasson
“Australia has led the world with innovations like Wi-Fi, the bionic ear and a vaccine for cervical cancer. We want to see more innovation commercialised in Australia,” Prime Minister Scott Morrison said.
Date Time
Boosting jobs and maximising growth to secure Australia’s recovery
The Morrison-McCormack Government will maximise long-term economic opportunities and job creation to secure Australia’s recovery, by expanding the nation’s resources sector and prioritising development of northern Australia.
Minister for Resources, Water and Northern Australia Keith Pitt said new measures in the 2021-22 Budget will build a more secure and resilient Australia, delivering jobs, opportunities and long-term benefits, particularly for regional Australia, as the economy recovers from the COVID-19 pandemic.
“The 2021-22 Budget locks in funding to accelerate the development of northern Australia, and to build a global resources strategy and network to strengthen a vital sector that continues to underpin our economic recovery and wellbeing,” Minister Pitt said.