Subscribe to our Newsletter
Expertise and advice delivered to your inbox
Our expert team of Tax Consulting experts summarise the key points for your personal and business finances.
Budget deficit of $78 billion in 202/23, down from $161 deficit last year. The 2022 Federal Budget is aimed at moving businesses into the digital era with both carrot and stick measures.
$1.0 billion to support small businesses investing in digital technologies such as cloud computing, cyber security and online platforms. $2.8 billion for apprentices and $2.2 billion to support innovation in Australian industries and universities.
ATO given additional funds for compliance activity. Targets include private groups, trusts and high wealth individuals.
Cost of living relief to Australians will include temporary reductions to fuel excise and increasing the existing low and middle income tax offset by $420. $1.5 billion will be spent on a one-off $250 payment to go to pensioners, welfare recipients, veterans and concession card holders.
$7.1 billion for Northern Territory, North and Central Queensland, Pilbara (WA) and Hunter (NSW), to help push into new areas of production and growth. $7.4 billion to enhance water infrastructure across Australia.
Certain state and territory COVID-19 business grants and support programs will be treated as non taxable income. COVID-19 tests for businesses and employees will be tax dedutible.