Federal Budget 2022-23: A Ballot Box Friendly Budget
This week’s ballot box friendly budget had few major surprises, with a focus on jobs, cost of living, business and cost-of-living payments
- A 6 month, 50% reduction in fuel excise with effect from midnight Budget night
- A $420 cost of living tax offset for low and middle income earners from 1 July 2022
- A one-off $250 economic support payment to some social security payment recipients
As the Federal Election approaches, it is perhaps unsurprising that the Government has looked at cost of living measures to ease the pressures on Australians, however the Budget held few surprises.
One of the key features of the Budget was the focus on digitisation – not just to support innovation but also to streamline compliance, create transparent, and more readily identify anomalies in reporting. Single touch payroll was the first step, the PAYG instalment system, trust compliance, and payments to contractors are next.
Beyond compliance, there is an opportunity capitalise on the benefits of the Government’s push towards innovation and investment in new technology. Not just the $120 tax deduction for every $100 spent on training employees and digital adoption, but also the expansion of the patent box tax concessions. There are opportunities for those pushing boundaries.
So what’s in the budget for you, your business, and your family? Click on the links below for more information and if we can assist you, please contact the Bates Cosgrave team on 02 9957 4033.
More from the Budget