What does this year’s Federal Budget mean for middle-market businesses and individuals?
With cost-of-living relief at its centre, Jim Chalmers’ second Federal Budget also aims to increase access to affordable housing and healthcare and support a shift to clean energy. While not the big winners this year, Australian businesses will benefit from a tax break to reduce energy costs, support for small business tax compliance and measures to address the skills shortage including more fee-free TAFE places and a national skills agreement.
William Buck’s 2023 Budget Debrief Webinar
Our debrief webinar explored the key measures announced in Labor’s 2023 Federal Budget on 9 May.
5 take-outs for SMEs
Get your compliance in order
There is extra funding for the ATO to chase tax debts, but there’s an amnesty to allow small businesses to get their tax lodgments up to date.
Be energy efficient
And utilise a range of incentives to save on energy bills and tax.
Use the instant asset write-off
Temporary full expensing applies to 30 June 2023, then a $20,000 instant asset write off will take its place.
Watch your cash flow
Cash is king, but there will be increasing strains on business cash flow.
Manage your superannuation
The Superannuation Guarantee rate is increasing to 11% and the timing of payment of super contributions will change.
Key policies
1. Cost of living
The 2023-24 Budget provides additional and targeted cost of living relief measures.
3. Education and training
New investment in TAFE and University places and Apprenticeship programs.
4. Opportunity and gender equality
Measures focused on child care, parental leave, the gender pay gap and First Nations people.
5.Environment and regional Australia
Measures to make Australia a renewable energy superpower.
Meet our spokespeople
For commentary on the 2023 Federal Budget, please direct your enquiries to danielle.shaw@williambuck.com
Meet our spokespeople
Todd Want
Director, Tax
Jack Qi
Director, Tax – Technology and Innovation
Ian Cattanach
Director, Business Advisory – Manufacturing
Belinda Hudson
Director, Business Advisory – Health
Neil Brennan
Director, Business Advisory – Property
Tricia Kleinig
Principal, Superannuation
Scott Girdlestone
Director, Wealth Advisory
For commentary on the 2023 Federal Budget, please direct your enquiries to danielle.shaw@williambuck.com
