Budget 2022-23

Budget 2022-23

This is a safe, ballot box friendly 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 on lodgement of their 2022 tax returns
  • A one-off $250 economic support payment to some social security payment recipients expected to be paid in April, 2022.

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.

If you would like to discuss how these new budget measures may affect you or your business please contact your local Forsyths office on 1300 447 007.
If you have any questions, please reach out to your local Forsyths office on 1300 447 007.

Download the Budget 2022-23 Download the Budget 2022-23