The 2022-23 federal budget has been handed down. We know our clients are eager to learn which measures will impact their tax or business and when (assuming all are adopted post-election, of course).
We have you covered!
Lachlan Munro, GrowthMD accountant, has reviewed the specific impact of these measures with context suitable to our GrowthMD client group. Please watch below for the recap and details below for each measure.
For our business clients
Digital Adoption Targeted tax benefits for businesses spending on technology (Effective now to June 2023)
Why
- Aimed to incentivise small business investment in digital assets and expenses by way of a 120% magnified tax deduction.
What
How it helps you
Be mindful of
Small Business External Training
Targeted tax benefits for employer spending on training (Effective now to June 2023)
Why
- Aimed to look at improving the skilled workforce in Australia (and supporting the training bodies).
What
How it helps you
Be mindful of
Apprentice Wage Subsidy Employer benefits for apprentice engagement & completion (Effective July 2022)
Why
- To encourage employers to consider offering apprenticeships to either existing or new staff within their business.
What
How it helps you
Be mindful of
For individuals
Tax Offsets An increase of $420 to the Low and Middle Income Tax Offset (Effective only for the year ending 30 June 2022)
Why
- To facilitate spending and improve cash flow for the bulk of Australian taxpayers.
What
How it helps
Be mindful of
* For GrowthMD clients, we will include this offset in your 2022 tax planning presentation.
Cost of Living Pressure
A one-off payment of $250 for individuals in relevant sectors (Payment in April 2022)
Why
- To ease the burden of increasing everyday costs for those currently receiving government support payments.
What
How it helps you
Be mindful of
Paid Parental Leave A change to the flexibility in parental leave for both mums and dads (Effective March 2023)
Why
- To improve previously existing support for new parents who aim to share time off from work.
What
How it helps you
Be mindful of
The majority of these budget measures are effective in the coming months and will be advantageous to consider for tax planning purposes. We will be covering these measures will you in our upcoming tax planning sessions.
Please do contact us in the meantime if you have any questions or would like more information.
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