Federal Budget October 2022 Update
On Tuesday night, Treasurer Jim Chalmers handed down the 2022 – 2023 Budget in Parliament House.
This first budget of the new Labor Government delivers a reallocation of resources and a shifting of focus by the government rather than any significant new measures. This budget is aimed at buffering the impact of global uncertainty being agitated by war, floods and the pandemic.
To read our full budget analysis, please click below.
Just want the highlights? We’ve broken down the budget into the big news stories below if you’re reading this on the run!
Budget 2022 Highlights
- LMITO not extended beyond 30 June 2022
- TFE not extended beyond 30 June 2023
- Reduction in eligibility age for downsize contributions to 55 allows more Australians to avail themselves of this concession
- Digital currencies are not considered Foreign currency
- Significant increases in CSHC thresholds will enable more self funded retirees to access health care support
- $80 Million boost to ATO compliance activities with renewed focus on a variety of compliance measures
- Childcare subsidy to increase to 90% for families earning less than $80,000 per annum
- Paid parental leave scheme reform see measures announced to extend the program to both parents and increases the leave available from 18 weeks phasing up to 26 weeks from 1 July 2026
- Pensioners are encouraged to join the workforce by increasing the amount they can by $4000 per annum before benefits are affected
- Intangible assets effective lives no longer able to be self assessed, reversing the previous announcement
- FBT and Tariff exemptions to apply for electric vehicles costing less than $84,916 from 1 July 2022
If you would like to know how the 2022 – 2023 Federal Budget will impact you and your business, please do not hesitate to contact us on (03) 9069 7700 or info@mgidc.com.au
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