Last night Labor handed down its first Federal Budget since the election earlier this year. To help you determine how the Budget impacts you and your business we have put together A Guide to the 2022-23 Budget 2.0..
Key measures include:
• Child care subsidy increase
• Added flexibility and an expansion of Paid Parental Leave
• Aged care reforms
• Change to the taxation of off-market share buy-back by listed companies
• The scrapping of the initiative to self-assess the effective life of intangible assets
• Scrapping of the announced but not legislated 3 year audit cycle for SMSFs
• Energy grants for SMEs (but no detail yet)
• Tightening of the thin cap rules and the denial of deductions for intangible assets between related parties in certain circumstances
• More cash to the ATO to pursue personal income tax non-compliance and multi-nationals
• More funding for the Tax Practitioners board to pursue dodgy tax agents
• ‘Downsizer’ eligibility reduced to 55
If we can assist you to take advantage of any of the Budget measures, please let us know. As always, we’re here if you need us!