On 11 May 2021, Australian Treasurer Josh Frydenberg delivered the country's Budget 2021-22. The main tax-related measures of the Budget are summarized as follows:
- An additional AUD 7.8 billion in personal income tax cuts will be provided by retaining the low and middle income tax offset (LMITO) in 2021-22;
- Temporary tax incentives introduced by the 2020-21 Budget will be extended by one year, including:
- temporary full expensing, which will be made available until 30 June 2023 for eligible b…