27 Oct 2022-23 Federal Budget 2.0
There is nothing in the 2022-23 Federal Budget 2.0 that will create a UK style crisis. The stage 3 tax cuts legislated to commence on 1 July 2024 are not mentioned, and most funding initiatives appear to be a reallocation of previous Government initiatives.
With seven months before the 2023-24 Budget released in May 2023, this Budget is a shuffling of the deck not a new set of cards.
Key measures include:
- Childcare 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
- More funding for the Tax Practitioners board to pursue dodgy tax agents
To read the full 2022-23 Federal Budget, please click here