The Update anticipates a deficit of $144.5 billion for 2021-22 and forecasts deficits of $58.4 billion for 2022-23 and $43.9 billion for 2023-24. Although the Update does not include any personal or corporate tax rate changes, it extends home office expense relief, introduces a tax credit for small businesses that undertake certain expenditures for air quality improvements and provides an update on select measures announced earlier in 2021. In addition, Finance released legislative proposals alongside the Update to implement measures including the Digital Services Tax (DST) and the Underused Housing Tax.

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