Budget 2021: What SME law firms need to know
By Emma Ryan and Jerome Doraisamy|13 May 2021
Here are the key takeaways for boutique law firms from #Budget2021, delivered earlier this week by Josh Frydenberg.
Coming off the back of the COVID-19 pandemic, the Treasurer cited a need to maintain an avid focus on the nation’s economic recovery, with a commitment to supporting jobs and essential services of utmost importance.
“The COVID-19 recession will see our deficit reach $161 billion this year, falling to $57 billion in 2024-25. With more Australians back at work, this year’s deficit is $52.7 billion lower than was expected just over six months ago in last year’s budget,” Josh Frydenberg said.
Budget 2021: AAP receives funding boost, regional in focus and ACMA gains additional support
May 12, 2021 10:13
The Federal Government handed down the 2021 budget overnight, with several areas of the media, tech and regulatory sectors to receive funding boosts.
A joint release by Minister Paul Fletcher and Minister Mark Coulton recognised that the pandemic had created ongoing challenges for the arts sector, and also outlined the importance of digital service delivery for the economy going forward.
Josh Frydenberg hands down the 2021 Budget / Twitter
Regional was a significant theme, both in terms of funding journalism in regional areas and ensuring regional connectivity, with the government committing a further $84.4 million to its Regional Connectivity Program, which will go towards 81 telecommunications infrastructure projects.
Austrade
Good news for games developers: the Australian Government is introducing a 30% tax offset for local and international businesses that develop digital games in Australia.
The Digital Games Tax Offset is Australia’s first-ever federal tax incentive for video game development, and one of the most significant to be implemented anywhere in the world.
The tax offset provides another compelling reason for international developers to set up a games studio in Australia.
Australia’s A$3.6 billion digital games industry has close to 400 producers ranging from individual developers to large development studios. Australian developers are behind blockbuster titles such as
Fruit Ninja,
The Office of the Australian Information Commissioner (OAIC) welcomes additional funding for privacy and access to information functions announced in the.