The Government has decided not to go down the austerity path, which will be a relief for many taxpayers and businesses.

Rather, the Government has decided to put its foot on the accelerator with the hope that the growth
in the economy over a long period of time will help to pay down the debt that has been central to the
Government’s response to COVID-19.

On personal taxation, in an expected announcement, the Government confirmed that it will extend the low and middle income tax offset (LMITO) beyond 2020-21 so that taxpayers will continue to receive the tax offset (between $255 and $1,080) in the 2021-22 income year.

Download our Budget 2021-21 newsletter for details.

Please contact us for clarification, or further advice, regarding any of the topics covered in this newsletter.