With seven months until the 2023-24 Budget is released in May 2024, it is fair to say that this Budget 2.0 for 2022-23 is a shuffling of the deck and not a new set of cards.

There is nothing in the Budget delivered on 25 October 2022 to create a UK style crisis. Interestingly there is no mention of the stage 3 tax cuts legislated to commence on 1 July 2024, and most funding initiatives seem to be a reallocation of previous Government initiatives.

Key initiatives include:

Child care subsidy

Added flexibility and expansion of Paid Parental Leave

Aged care reforms

Change to the taxation of off-market share buy-back by listed companies

Scrapping of the initiative to self-assess the effective life of intangible assets

Removing the announced, but not legislated, 3 year audit cycle for SMSFs

Energy grants for SMEs, although detail is lacking

Tightening of the thin cap rules and denial of deductions for intangible assets between related parties in certain circumstances

Boosting the ATO to pursue personal income tax non-compliance and multi-nationals

If we can assist you to take advantage of any of the Budget measures, or to protect your position contact your Business Adviser today.

Download our full 2022-23 Budget 2.0 summary