Federal Budget Summary October 2022

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.

Federal Budget 2022-23

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

Budget 2020-21: Road to Recovery?

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