Federal Budget 2021 Report | Byfields Wealth Management

Federal Budget 2021 Report | Byfields Wealth Management

This year’s budget was announced with a backdrop of the largest rolling 12 month deficit in history and is possibly the last budget before next year’s Federal election.

Although much of the budget made it to the press before the official release, including news that the deficit to March 31^st is around $30 billion less than Commonwealth Treasury officials thought it would be, there are still facts, figures, initiatives, and strategies that you should be aware of.

Byfields Wealth Management has summarised the important parts of this year’s budget, all in one publication for you.

For our WA farmers, a snapshot of the wins are;

1. The instant asset write off is extended to 30 June 2023, providing more time for plant and machinery decisions.
2. Student visa changes address labour shortages, with holders now being permitted to work for more than 40 hours per fortnight.
3. Farm Household Allowance recipients will not be required to repay any reconciliation debts incurred where income has been under-estimated.
4. The $75,000 grant received by Agricultural businesses in respect of Cyclone Seroja, is exempt from income tax, and will not reduce carried forward tax losses (if any).
5. Soil testing rebates are available to those farmers sharing soil test results.
6. School leavers are being encouraged to pursue farm placements, with increased funding in this area.
7. Considerable funds have been committed to biosecurity measures.

For everyone, it seems a continuation of the current Government’s policy direction and a vast improvement on previously predicted budget bottom line, even with a conservative $US55/tonne iron ore price.

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Byfields Federal Budget Report 2021

_{Disclaimer: This content provides general information only, current at the time of production. Any advice in it has been prepared without taking into account your personal circumstances. You should seek professional advice before acting on any material.}