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Federal Budget 2022-23: Overview

The overall structure of the Federal Budget 2022-23 appears to have been designed not to offend any voter in the electorate. To this end, it could be said that the Budget lacks a constructive and meaningful push for greater innovation or efficiency within the business community. However, in its defence, the Budget handed down may … Continued

Federal Budget 2022-23: Tax Integrity

The Budget provides funding to extend the Tax Avoidance Taskforce for a further two years to 30 June 2025, while expanding their digital data matching capabilities in respect of trust tax returns and payroll data exchanged with states and territories. Tax Avoidance Taskforce From 2023–24, the Government will provide the ATO with an additional $652.60 … Continued

Federal Budget 2022-23: Employee share schemes

The Government seeks to expand access to employee share schemes and encourage further employee participation by reducing regulatory requirements. The Government has confirmed that it will expand access to employee share schemes for unlisted companies by changing investment thresholds and further reducing red tape to help ensure that employees at all levels can participate in … Continued

Federal Budget 2022-23: Business tax

The Government will provide an extra deduction of 20% for small businesses that spend on improving digital capabilities and upskilling employees. The Government further proposes PAYG instalment changes to assist with cash flow to businesses. The Government has also proposed changes in relation to carbon tax treatment to assist primary producers in smoothing their income. … Continued

Federal Budget 2022-23: Foreign investment approval

The Government will amend Australia’s foreign investment framework to reduce the regulatory burden faced by foreign investors Unlisted land rich entities Foreign investors acquiring securities in unlisted Australian land-rich entities (i.e. entities that hold interests in Australian land with a value of greater than 50% of the value of the entity’s gross assets) will no … Continued

Federal Budget 2022-23: Patent box measures

The Government has announced that it will be expanding the patent box measures announced in last year’s Budget to additional sectors to drive more investment and encourage Australian companies to commercialise their innovations in Australia. Expanding the patent box tax concession to Australian agricultural and low emission technology sectors The Government has announced that it … Continued

Federal Budget 2022-23: COVID-19 support

The Government has extended COVID support by treating the cost of rapid antigen tests required for work as tax deductible and exempt from Fringe Benefits Tax (“FBT”). The Government has also again allowed for various additional State support grants to be exempt from income tax. Deductibility of rapid antigen tests and COVID testing As expected, … Continued

Federal Budget 2022-23: Personal income tax

The Government has announced an increase of $420 in the “low and middle income tax offset” for the 2021-22 income year but no changes to the personal income tax rates. Low and Middle Income Tax Offset In a measure designed to ease cost of living pressures, the Government will increase the low and middle income … Continued

Federal Budget 2022-23: Fuel excise relief

In response to growing cost of living pressures, the Government has announced a temporary reduction in fuel excise of 50% equal to 22.1 cents per litre. Temporary excise reduction As highlighted in the lead up to the Budget, the Government has announced a temporary 50% reduction in the excise imposed on fuel, bringing the excise … Continued

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