The 2021-22 Federal Budget is a balancing act between a better than anticipated deficit ($106 bn), an impending election, and the need to invest in the long term.
Key initiatives include:
· Extension of temporary full expensing and loss-carry back providing immediate deductions for business investment in capital assets
· Introduction of a ‘patent box’ offering tax concessions on income derived from medical and biotech patents
· Tax and investment incentives for the digital e