2022-23 Federal Budget: the ‘Don’t Rock the Boat’ Budget

The Federal Government released their annual Budget last night for 2022-23, announcing a number of new measures relevant to business owners and taxpayers.

This is a safe, ballot box friendly Federal Budget as expected with a focus on jobs, cost of living, home ownership, 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

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.

Beyond compliance, there is an opportunity to 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.

Feel free to download our Budget whitepaper for a summary of all the measures announced, or read more on the Budget website.

If we can assist you to take advantage of any of the Federal Budget measures, or to risk protect your position, please contact us.

As always, we’re here if you need us!