The 2022-23 Federal Budget has been released. What’s in it for you includes:
- Introduction of a Skills & Training Boost Deduction to support small and medium sized businesses to upskill their employees. Eligible expenditure incurred from 29 March 2022 to 30 June 2024 will be entitled to a Tax Deduction for an additional 20% of the expenditure. This eligible expenditure is mainly for external training courses.
- Introduction of a Technology Investment Boost Deduction to support digital adoption by small and medium sized businesses. Eligible expenditure up to $100,000 incurred from 29 March 2022 to 30 June 2023 will be entitled to a Tax Deduction for an additional 20% of the expenditure for business expenses and depreciating assets that support digital adoption (such as portable payment devices, cyber security systems & subscription to cloud-based services).
- Extending Covid-19 business grants as Tax Free Income to 30 June 2022.
- Temporary Reduction in Fuel Excise from 30 March 2022 for 6 months from 44.2 cents to 22.1 cents for petrol and diesel. This should reduce the price of fuel at the petrol station by 22 cents for the next 6 months.
The Federal Government is estimating a $79 billion deficit for this 2022 Financial Year and a $78 billion deficit for the 2023 Financial Year. The Government’s Gross debt is forecasted to be $977 billion at the end of this 2023 Financial Year. This is forecasted to rise to $1.169 trillion at the end of the 2026 Financial Year.
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