'Don't Rock the Boat' Budget 2022-23

As expected, this is a safe, ballot box friendly Budget 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 recipient

It is also a Budget that drives digitisation. Not only 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. There is the $120 tax deduction for every $100 spent on training employees and digital adoption, as well as the expansion of the patent box tax concessions.

If we can assist you to take advantage of any of the Budget measures, or to protect your position contact our team of business advisors today.

Download our full Budget 2022-23 Summary