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

Individuals

  • Low & Middle Income Tax Offset has a One Off Increase of $420 to $1,500. This is received as a rebate on lodgement of your 2022 Tax Return from 1 July this year.
  • Costs of Covid-19 tests are tax deductible from 1 July 2021.
  • A one off $250 cost of living payment will be made in April 2022 to current recipients of most Government Support Benefits.
  • 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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