On 29 March 2022, Treasurer Josh Frydenberg handed down the 2022-23 Federal Budget.
Treasurer Frydenberg’s fourth Budget focused on short term support through cost of living measures as well as longer term commitments for skills development, health, cyber security, defence and regional Australia.
With an election expected to be called in the next few weeks, the Budget was squarely aimed at Australian voters. The Treasurer described the 2022-23 Budget as a “new chapter in Australia’s economic story.” Against the backdrop of a global pandemic, natural disasters, rising inflation and uncertainty overseas was a story that presented Australia as resilient, realistic and optimistic about its future.
HLB Mann Judd’s Federal Budget Alert provides a succinct summary of the announcements related to personal and business taxation, cost of living measures, tax compliance and superannuation. The Alert also contains a collection of comments and observations related to business taxation, policy and personal finance by HLB Mann Judd experts.
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At a glance
“A feature of this Budget is a $420 temporary 2021/22 tax offset for people earning up to $126,000, but it contains no permanent tax cuts and notably does not extend the $1,080 LMITO into 2023.”
Peter Bembrick, Tax Consulting Partner, Sydney
"The long overdue employee share scheme announcement levels the playing field for Australia globally."
Josh Chye, Tax Consulting Director, Melbourne
“The Budget delivers indirect benefits to small business through the one-off cost of living offset, the low and middle income tax offset and the temporary fuel excise relief. These measures should ensure more money is left in the hip pocket of the majority of Australians to spend with and support the small business engine room of our economy.”
James Henderson, Managing Partner, Brisbane
“Small businesses are the economy’s engine room and had a win with the extra training deduction and additional funding for apprentices.”
Litsa Christodulou, Business Advisory Partner, Perth
"Good to see that the government is encouraging small business to embrace digital technology by providing a $120 tax deduction on eligible expenditure."
Peter Wirtz, Tax Consulting Services, Adelaide
“The continuation of the reduction in the minimum pension drawdown rates allows further flexibility for retirees into the 2023 financial year.”
Mitchell Markwick, SMSF Partner, Wollongong
