Federal Budget 2022-23 2.0

In case you missed it on Tuesday night, (do not worry you did not miss much), the 2022-23 Federal Budget 2.0 was delivered.

Dr Jim Chalmers has handed down his first Budget as Treasurer, with a focus on delivering the Government’s election commitments while containing the fiscal deficit. The economic forecasts suggest a challenging outlook for businesses, with GDP growth expected to slow while inflation remains elevated.  

You can read a more detailed guide to the announcements made last night by clicking here, it really was more of a shuffling of the deck than any new ground-breaking announcements. To summarise the key measures they included:

• Child care subsidy increase
• Added flexibility and an expansion of Paid Parental Leave
• Aged care reforms
• Change to the taxation of off-market share buy-back by listed companies
• The scrapping of the initiative to self-assess the effective life of intangible assets
• Scrapping of the announced but not legislated 3 year audit cycle for SMSFs
• Energy grants for SMEs (but no detail yet)
• Tightening of the thin cap rules and the denial of deductions for intangible assets between related parties in certain circumstances
• More cash to the ATO to pursue personal income tax non-compliance and multi-nationals

Please contact us for clarification, or further advice, regarding any of the topics covered in this budget.

To read our more detailed report on all the announcements please click here.

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