Australia

With a five-point plan for cost-of-living relief and a focus on improving housing affordability, the Albanese Labor Government’s first Federal Budget has been dubbed ‘The Family Budget’. While not the focus in this Budget, Australian businesses will benefit from a range of measures to address the skills shortage including higher childcare subsidies and a significant increase in funding of vocational education.

Federal Budget Debrief Webinar
Find out how the proposed Budget spending impact Australian businesses.

5 key take-outs for SMEs

1. Paid parental leave

Paid parental leave will increase but not until FY26-27. What else can you do to support parents in your workforce?

Find out more

2. Prepare for an ATO visit

The ATO has extra funding to focus on personal income tax compliance, the shadow economy and business tax risks.

Find out more

3. End of investment incentives

100% write-off on capital investment for business assets ends on 30 June 2023 so don’t delay on upgrading your equipment.

Find out more

4. Look at electric cars

The Government will cut tax on electric cars to make it cheaper for you to upgrade your vehicle fleets or utilise salary packaging.

Find out more

5. Get ready for May next year

Odds are the Federal Budget will have a lot more business tax measures.

Find out more

Key policies at a glance

Cost of
living relief

Childcare, paid parental leave and increased in award wages.

Housing 

Affordable housing and a shared equity scheme.

Modern economy

Training, skilled migration and a National Strategy to Achieve Gender Equality.

Budget repair

Cuts to spending and outsourcing.

Environment

A range of actions on climate change and the environment.

Budget analysis

Small to medium business

Electric car discount and energy efficiency grants.

Business

The focus is on multinational tax avoidance.

Individuals

Stage 3 tax cuts and digital currency rules.

Superannuation

Expanding the Downsizer Contributions arrangements.

ATO Compliance

More funding for the ATO for high risk taxpayers and integrity measures.

2022-23 Budget spokespeople

Greg Travers, Director
Small Business and International

Jack Qi, Director
Tax – Technology and Innovation

Belinda Hudson, Director
Business Advisory – Health

Scott Girdlestone, Director
Wealth Advisory – Wealth

Ian Cattanach, Director
Business Advisory – Manufacturing

Neil Brennan, Director
Business Advisory – Property

Tricia Kleinig, Principal
Superannuation

For commentary on the 2022-23 Federal Budget, please direct your enquiries to danielle.shaw@williambuck.com

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