Federal Budget Insights
At the time of last year’s Budget, allowing ourselves the indulgence of thinking about a post-pandemic world was perhaps a little premature. But maybe this time we really can.
The forecast deficit for the 2022-23 year is $78 billion, and the current year’s deficit is expected to come in at $79 billion. These are significantly lower than forecast in the two previous Budgets.
Although some direct support measures continue, most have ceased. However, deficits and debt with be with us for many years, but that is the price of averting what might have been far worse.
We set out a summary of the key measures announced, and what they mean for you.
Low-and-Middle-Income Tax Offset increased by $420 to $1,500 for the 2021-22 year.
Cashflow support and red tape relief.
Support for apprentices
Extended wage support until 30 June 2022 for employing apprentices
Additional $10 billion funding for infrastructure projects in all states and territories.
Proceeds from sales if Australian Carbon Credit Units can be a Farm Management Deposit.
Cost of living pressures
Temporary halving of fuel excise tax, reduced by 22.1 cent/litre.
Employee share schemes
Greater access, reduced red tape and reporting requirements.
Small business training boost
120% deduction for eligible training expenditure by businesses with group-wide turnover below $50 million.
Small business tech boost
120% deduction for investing in certain digital adoption expenditure by businesses with group-wide turnover below $50 million.
Expanded scope for special 17% company tax rate.
Where work related, deductible and no FBT.
Additional funding for audits of multinationals, large public and private groups, trusts, and
For a comprehensive and detailed summary of the 2022 Federal Budget, make sure to see our highly anticipated Federal Budget Guide.
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