Federal Budget 2021 – Business tax

The Budget has extended a number of temporary corporate tax measures and introduced some targeted concessions to further stimulate business investment.

Extension of company loss carry-back and temporary full expensing The Federal Government has extended the ability for eligible companies to carry back tax losses and benefit from full expensing of eligible asset purchases by 12 months following on from the announcements in the 2020-21 Budget.  The company loss carry-back measures will be extended to 30 June 2023 and will enable corporate tax entities with an aggregated turnover of less than $5 billion to carry-back tax losses generated...

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Authors: Carlo Franchina

Published Date: 12 May 2021