On Tuesday the 29th March 2022, we saw the release of the 2022-2023 Australian Federal Budget.
The 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..
For a comprehensive report of the 2022-2023 Federal Budget please click below: