Click here to view our Federal Budget 2022-23 Client Guide.
The 2022-23 Federal Budget is a safe, ballot box friendly Budget as expected with a focus on cost of living, home ownership, and health.
Key initiatives include:
A 6 month, 50% reduction in fuel excise with effect from midnight Budget night
A $420 cost of living tax offset for low and middle income earners from 1 July 2022
A one-off $250 economic support payment to some social security payment recipients
For small business, a $120 tax deduction for every $100 spent on training employees and digital adoption
But, it is also a Budget that drives digitisation. Not just to support innovation but to streamline compliance, create transparency and more readily identify anomalies. Single touch payroll was the first step, the PAYG instalment system, trust compliance, and payments to contractors are next.
View our Federal Budget 2022-23 Client Guide to read the update in detail.
Kind regards,
Peer Wealth
Suite 202b, 39 East Esplanade, Manly, 2095
Shop 2, 12 Wallis Street, Forster, 2428
(02) 8014 7608
Disclaimer: The material and contents provided in this article contains general information and does not take into account your personal objectives, financial situation or needs. It is not intended to be advice and you should not act specifically on the basis of this information alone. If expert assistance is required, please contact Peer Wealth on (02) 8014 7608.
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