Federal Budget Insights 2022-23
Another annual budget has been handed down by Treasurer Josh Frydenberg.
Limited measures on income tax related matters appeared this time round. Though, that is hardly surprising when a federal election is just around the corner.
However, the budget did focus on a few key themes.
The cost of living;
The role that small business has in employment;
Reinvigorating manufacturing in Australia;
Investment and spending for infrastructure, defence, health, particularly in regional areas and other welfare measures.
Instead of tax cuts, Individuals may be eligible for a once off Cost of Living tax offset and may see some relief at the bowser (albeit temporarily) as the fuel excise is reduced.
Small Business can experience boosted tax deductions where investment is made for technology in the form of digital expenditure. Expenditure incurred by employers to upskill employees can also access a boosted tax deduction.
All businesses with eligible apprentices could make use of the Apprenticeships Incentive Scheme. This provides support to both employers and employees.
Read on for additional budget measures announced.
Federal Budget Highlights
Contact us! We are here to answer your questions about what these measures mean for you.
Lauren Steinheuer: L.Steinheuer@uhyhnseq.com.au
Malcolm Barkle: M.Barkle@uhyhnseq.com.au
Dean Vane: D.Vane@uhyhnseq.com.au
Darren Laarhoven: D.Laarhoven@uhyhnseq.com.au
Reece Jory: R.Jory@uhyhnseq.com.au