The 2022-23 Federal Budget has certainly kept the topical issues at front of mind with many initiatives focused around alleviating the cost of living pressures being experienced by many.
In an election Budget, the Treasurer has announced a range of stimulus measures for individuals and small businesses alongside major spending in infrastructure, health and defence.
Key Announcements from the Federal Budget
Key announcements for individuals and families included:
- Increasing the low and middle income tax offset (LMITO) to $1,500 for eligible recipients;
- Providing a one-off tax free payment of $250 to Australians who receive a qualifying social security payment or hold eligible concession cards;
- Temporarily cutting the fuel excise by 22.1 cents per litre for a 6 month period
- Enhancing the paid parental leave scheme
- Expanding the home guarantee scheme
For small businesses, some of the announcements included:
- Skills and training boost providing an additional 20% of expenditure incurred on external training courses provided to employees;
- Technology investment boost providing an additional 20% of expenditure, capped at $100k) incurred on business expenses and depreciating assets that support digital adoption;
- Varying the GDP uplift factor for tax instalments;
- $2.8 billion in funding to overhaul the apprenticeship incentive scheme, providing payments to apprentices and wage subsidies for employers;
- Funding across a range of areas to help small businesses with improving efficiencies, financial counselling, mental health support and recovery programs in certain sectors.’
Download our Budget Report
This budget is positioned as marking the next stage in leading Australia’s strong economy into the future. For a detailed outline of the Taxation and Superannuation Measures included in this budget, please read our Report.
Download our Federal Budget Report here.
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This article was written by Davidsons Director of Tax & Business Services Kylie McEwan.