The 2022-23 Federal Budget has been released. What’s in it for you includes:

Business

  • 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.

As these are only the main points, please click here for further details. If you have any questions please contact us.

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