Don't Rock the Boat Budget 2022-23
The 2022-23 Federal Budget is a safe, ballot box friendly Budget as expected with a focus on cost of living, homeownership, and health.
Key initiatives include:
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
For small business, a $120 tax deduction for every $100 spent on training employees and digital adoption
But, it is also a Budget that drives digitisation
Not just to support innovation but to streamline compliance, create transparency and more readily identify anomalies. Single touch payroll was the first step, the PAYG instalment system, trust compliance, and payments to contractors are next.
We'll keep you up to date as the detail of these measures comes to hand.
For now, you can get across all the announced measures in our Budget Summary:
How to contact us
Start your year-end tax planning now. Contact Collins Hume Accountants & Business Advisers in Ballina on Byron Bay on 02 6686 3000.
The material and contents provided in this publication are informative in nature only. It is not intended to be advice and you should not act specifically on the basis of this information alone. If expert assistance is required, professional advice should be obtained.