The Federal Budget 2022 is seen to be a safe, ballot box friendly Budget. As expected, there is a focus on jobs, cost of living, home ownership and health, but there are many other highlights.
Key highlights include:
LMITO increased
The Low and Middle Income Tax Offset has been increased for 2021-2022 by $420.
Fuel excise
Fuel excise will be cut in half for 6 months from 44.2 cents down to 22.1 cents.
Technology investment boost
Every $100 a small business spends on digital technologies will receive a $120 tax deduction.
Cyber security capability
$9.9 billion investment in Australia’s cyber security capabilities.
Flood relief
A range of measures to support flood affected communities with total support to exceed $6 billion.
Women and children
$1.3 billion to end violence against women and children
Cost of living
A one-off Cost of Living Payment of $250 will be provided to pensioners, carers, veterans, job seekers, eligible self funded retirees and concession card holders.
Skills and training boost
Every $100 a small business spends on training will receive a $120 tax deduction.
Housing affordability
Home Guarantee Scheme will increase to 50,000 places per year. And $2 billion increase through the National Housing Finance and Investment Corporation.
Reduced fees on the Australian Business Register
From 1 July 2023, removal of search fees on the new registry website for three years.
Export support
$80 million additional support to help small to medium enterprises to re-establish their export markets.
Patent box tax concession
Patent box extended to agriculture and low emission technologies
For a full Budget breakdown, we are happy to provide the “Don’t Rock the Boat” Budget update. Produced by the KnowledgeShop, this comprehensive Budget paper breaks down each section of the Budget announcements providing information relevant to:
- Individuals
- SMSF Trustees
- Business and Employers
- Education, Skills, and Training
- Government Regulators
- Infrastructure Projects (broken down for each State and Territory)
How can Walsh Accountants help?
With a federal election expected in May, this Budget attempts to lay out a steady course through the headwinds that remain for the economy and our society.
Our team are available to assist you to capitalise on any of the Budget measures or minimise your risk. As always, the detail is important so please let us know if we can assist. Please do not hesitate to contact us for a confidential discussion based on your personal circumstances.
Either contact your accountant direct or phone 5592 3644, or email info@walshaccountants.com and a member of our team will be in contact with you.
