Federal Budget 2021-22
Will 2021 be a year of economic recovery? As Australia navigates out of the pandemic and the recession, all eyes will be on the Government's continued response to the pressures on the economy.
When will the 2021 Federal Budget be held?
The Federal Budget will be delivered in Parliament by Treasurer Josh Frydenberg. Usually the Budget speech is made on the second Tuesday in May, which would make it Tuesday 11 May, 2021. However - with a delayed Budget being handed down on 7 October 2020, a date for 2021 is yet to be confirmed.
The 2021 Budget process has begun, with the call for pre-budget submissions due by 29 January.
Each year BDO provides a detailed analysis of the Government's Federal Budget.
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READ THE 2020 FEDERAL BUDGET ANALYSIS
1 February 2021: BDO's 2021-22 Pre-Budget Submission
BDO's 2021-22 Pre-Budget Submission has been lodged with the Federal Government, urging a reinvigorated tax reform agenda. Download the submission.
27 January 2021: Education and training expense deductions for individuals
BDO has prepared a submission on whether tax arrangements should play a greater role in encouraging Australians to retrain and reskill to support their future employment and career. This submission is in response to Treasury's discussion paper in accordance with the Government’s 2020-21 Budget announcement that it would consult on allowing individuals to deduct education and training expenses they incur, where the expense is not related to their current employment.
17 December 2020: Mid-Year Economic Fiscal Outlook (MYEFO)
The Federal Treasurer has released the 2020-21 Mid-Year Economic Fiscal Outlook (MYEFO) in which he indicates the Australian economy is rebounding strongly since the 2020-21 Federal Budget was released. In particular, around 80 per cent of the 1.3 million people who lost their jobs or were stood down on in April are now back at work. The Federal Treasurer has also announced new policy measures in this year’s MYEFO: read our comment.
1 December 2020: The Queensland State Budget was handed down on 1 December - read our analysis from Queensland.
17 November 2020: The NSW State Budget was handed down on 17 November, bringing changes for Stamp Duty and Payroll Tax. Read our analysis.
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