Our review and insights of the 2022/23 Federal Budget

April 4, 2022

In an economy emerging from the pandemic, the Treasurer has confirmed an unemployment rate of 4% and an expected budget deficit of $78 billion for 2022–23. As international uncertainties add pressure on the cost of living, key measures in the Budget provide cost of living relief in the form of an increased Low and Middle Income Tax Offset, a one off $250 payment for welfare recipients and pensioners and a 6-month fuel excise relief.

Other measures for business seek to promote innovation, with expanded “patent box” tax concessions proposed, and provide tax incentives for small business to invest in the skills of their employees. A lower GDP uplift rate for PAYG and GST instalments has also been proposed to support cash flows of small and medium businesses.

DFK Gooding Partners has prepared an overview highlighting key areas of interest to assist businesses in navigating through the 2022 Federal Budget. If you have any questions regarding the impact of the budget on you or your business, please call us on 08 9327 1777, or get in touch via our contact form here 

Tax and Accounting Overview

CLICK HERE TO DOWNLOAD

Tax and Superannuation Overview

CLICK HERE TO DOWNLOAD