Federal Treasurer Jim Chalmers has delivered the Labor Government’s first Federal Budget since being elected earlier this year. This article outlines the key measures contained within including low-cost housing, childcare spending and pharmaceutical price relief, and discusses the major winners and losers. – Federal Budget Summary October 2022.
Beyond compliance, there is an opportunity capitalise on the benefits of the Government’s push towards innovation and investment in new technology. Not just the $120 tax deduction for every $100 spent on training employees and digital adoption, but also the expansion of the patent box tax concessions. There are opportunities for those pushing boundaries. Federal Budget 2022-2023
The Federal Budget has been brought forward to 29 March 2022. Federal Budget 2022-23
The 2020-21 Federal Budget is a road to recovery paved with cash.
Key initiatives include:
• Personal income tax cuts from 1 July 2020
• A $4 billion ‘JobMaker’ Hiring Credit to encourage businesses to take on additional employees aged 16 to 35 years old
• $110 billion in infrastructure investment over 10 years
• Immediate deductions for business investment in capital assets
• Changes to how companies can manage losses
• Access to generous tax concessions for a wider range of businesses