07 3124 0244 07 3124 0244

2022-23 Federal Budget Update

Posted 31 Mar '22

The 2022-23 Federal Budget is a safe, ballot box friendly Budget as expected with a focus on cost of living, home ownership, and health.

Key initiatives include:

  • A 6 month, 50% reduction in fuel excise with effect from midnight Budget night
  • $420 cost of living tax offset for low and middle income earners from 1 July 2022
  • 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.

Related News

The Real Cost of SMSF Setup and Annual Audits: Flat-Fee vs. Percentage Pricing

“So… how much does an SMSF actually cost me?” It’s hands-down the most common question we get from trustees, and the honest answer is: it depends on who you ask – and, crucially, on how they charge you. Let’s cut through the noise and put some real numbers on the table.

Can You Claim GST Credits Before Company Incorporation?

Starting a company is an exciting step, but the order in which you register your business and make purchases can affect your GST claims. If you have paid for equipment or start-up expenses personally before your company was incorporated, you may be wondering whether those GST credits are lost.

First Employee vs Contractor: When Should You Hire?

Starting a business can be equally exciting and daunting. What may have begun as a side hustle can grow into something much bigger - and eventually, you may reach the point where doing everything yourself is no longer sustainable.

For many small business owners, that next stage of growth brings an important question: should you hire your first employee or engage an independent contractor?