Highlights of Australian Federal Budget 2022-23
- In 2021-22 tax filing, Individuals will receive a one-off $420 cost of living tax offset. This will be combined with the low and middle-income tax offset (LMITO). Eligible low and middle-income earners will receive up to $1500 for a single income household or up to $3000 for a dual-income household.
- The Government will extend the 50 per cent reduction to minimum superannuation drawdown requirements for retirees for 2022-23
- Small businesses will have access to a new 20% bonus (additional) deduction for eligible external training courses for upskilling employees. The Skills and Training Boost will apply to expenditure incurred between 7:30 pm (AEDT) on 29 March 2022 (Budget night) to 30 June 2024
- Small businesses with an annual turnover of less than $150 million will be able to deduct a bonus (additional) 20% of the cost of expenses and depreciating assets that support digital uptake This includes portable payment devices, online sales platforms, web page design, cyber security enhancements, cloud computing, subscriptions to cloud-based services and digital tracking for livestock The boost will apply to the eligible expenditure of up to $1,100.000 per year, incurred between 7:30 pm (AEDT) on 29 March 2022 (Budget night) to 30 June 2023
- The Government is providing a one-off income tax-exempt payment of $250, to help Australians meet the cost of living pressures. It will be paid in April 2022. Automatically to all eligible pensions’ veterans, carers, those on disability pensions some self-funded retirees, welfare recipients and eligible concession cardholders.
- From 1 July 2022, the maximum amount of voluntary contributions that can be released under the FHSSS will be increased from $30,000 to $50,000 enabling first homeowners to achieve their dreams of homeownership sooner.
- Apprentice payments: The BAC (Boosting Apprenticeship Commencements) and CAC (Completing Apprenticeship Commencements) wage subsidies are extended to 30 June 2022 to support the economic recovery.
- As part of this Budget, eligible apprentices can receive $5.000 over two years (six monthly instalments of $1,250) to help ease the cost of living. Eligible employers will receive wage subsidies maximum of $4.000 (in the first and in the second year each) and up to $8.750 in total over three years.