Budget 2021-2022 - Business measures
Date: 12 May 2021
Last night’s Budget did not include all of the hoped-for measures, especially those which have a significant impact on the business of community pharmacy such as payroll tax, stamp duty, and the industrial relations system.
The measures include:
- Extending temporary full expensing and temporary loss carry-back to provide an additional $20.7 billion in tax relief over the forward estimates. Specifically, 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.
- An additional $2.7 billion to extend and expand the Boosting Apprenticeship Commencements (BAC) wage subsidy.
- An additional $500 million to expand the JobTrainer Fund, subject to matched funding by state and territory governments.
- Wage subsidies available through jobactive, Transition to Work and ParentsNext will be increased to $10,000 and the Local Jobs Program will be expanded and extended to 51 employment regions.
- $23.6 million over the forward estimates for the expansion of the Skills for Employment and Education (SEE) program, including uncapping the number of places and removing the requirement that job seekers are receiving income support.
- A $134.6 million deregulation package aimed to reduced compliance costs for businesses, individuals, and not‑for‑profits including initiatives to digitise and streamline services, and make it easier for small businesses to hire people and allowing people with occupational licences to work across multiple jurisdictions.
- Making it faster and cheaper for small business to pause or modify Australian Taxation Office debt recovery actions, with the. Administrative Appeals Tribunal given the power to pause or modify such actions including ensuring payments are not required until the matter is settled by the new umpire.
- Continuing support to SMEs through the SME Recovery Loan Scheme – assisting businesses that received JobKeeper in the March quarter 2021 and those that are eligible flood-affected businesses.
- A $12.7 million expansion of the Digital Solutions – Australian Small Business Advisory Services. A further $15.3 million will be used to drive business uptake of e-invoicing, estimated to deliver up to $28.2 billion in net benefits over 10 years.
- A new Global Talent visa and Temporary Activity visa and removing the cessation of employment taxing point for tax-deferred employee share schemes (ESS).
- Superannuation contributions to increase to 10 per cent and onwards to 12 per cent.
- Wage growth is forecast at 1.1 per cent and moving upwards over the forward estimates.
Contact: The Guild
Phone: 13GUILD
Page last updated on: 15 June 2021