The 2022/23 Budget was handed down last night by the government. While there was some targeted, boutique assistance for small business, the Budget was very much focused on addressing cost of living pressures faced by individuals and families. In a departure from recent years, the Budget was relatively silent on the superannuation front.
Some of the main measures include:
- 20% additional deduction for skills training and digital adoption
- The extension of various apprentice wages subsidiesAn increased income tax offset of up to $1500 for low and middle income earners
- $250 cost of living payment for various welfare recipients
- Further relief for first home buyers
- 50% reduction in fuel excise.
To view the full 2022-23 Federal Budget newsletter, click here. Please contact us for clarification, or further advice, regarding any of the topics covered in this newsletter