2022-23 Federal Budget
Gem Socials • March 31, 2022
'Don't Rock The Boat Budget'
The 2022-23 Federal Budget is being dubbed the 'Don't Rock The Boat Budget'. As expected, it is a safe, ballot box-friendly budget with a focus on the 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
- 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.
As always, we'll keep you up to date as the detail of these measures and the impact they will have on your business comes to hand.
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