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Key points from the 2023-24 Federal Budget

 

Federal Budgets can involve a lot of content.  The following are a quick summary of the main issues.  The other related article has more detail.

 

Budget surplus expected
The first surplus in a number of years.  A $4.2 billion surplus is predicted for the 2022-2023 financial year. 

Small business asset write-off
Current rules apply until the 30th June 2023 so action before then may be prudent for your business.  One-year small business instant asset write-off for assets up to $20k.

Small Business Energy Incentive
One-year Small Business Energy Incentive to switch to efficient energy sources such as electricity.

Household Energy Upgrade Fund
The move to solar and other energy saving systems is given a shove orward.  $1.3 billion Household Energy Upgrade Fund for home upgrades that save energy.

Boost to cyber skills
This should be a program that all small businesses get involved in.  Cyber security is one of the most misunderstood issues within this business group.  $23.4 million “Cyber Wardens” program to boost cyber skills in small businesses.

Minimum tax for multinationals
15 per cent global minimum tax and a domestic minimum tax from 1 January 2024 for multinational groups with global turnover of $1.2 billion or more.

Superannuation tax
Future earnings on super balances over $3 million will be taxed at an additional 15 per cent from 1 July 2025.  From 15% to 30%.

Change to super guarantee contributions
This change is expected to make a big difference to the efficiency of many small businesses.  Employers will be required to pay compulsory super guarantee contributions on payday rather than quarterly (from 1 July 2026).

Push towards net zero
Another authority! Establishment of a national Net Zero Authority.

Increased bulk-billing incentive
Perhaps giving medical practitioners more would be better but $3.5 billion over five years to increase the bulk-billing incentive for general practitioners.

Aged care workers wage increase
$11.3 billion wage increase for aged care workers.

More welfare support
Targeted relief for vulnerable members of the community – including JobSeeker recipients and Commonwealth Rent Assistance.

 

 

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Disclaimer

The contents hereinafter presented and made accessible on this website are exclusively provided by Advanced Partners, representing general informational materials. The purpose of these materials is solely to serve as guidance and in no case should they be interpreted as counsel or advice on any specific matter.

In using the information provided, you are encouraged to assess its relevance to your individual goals, financial circumstances, and needs. In the event of detailed descriptions of any products being available on this website, you are advised to procure the Product Disclosure Statement (PDS) corresponding to said products, and to deliberate on its contents prior to any decision-making.

Advanced Partners extends no assurances or warranties pertaining to uninterrupted, delay-free, error-free, or omission-free operation of the Site, nor its immunity from viruses. Thus, the information is furnished “as is”, bereft of warranties of any kind, express or implied, inclusive of those concerning accuracy, promptness, and completeness.

Advanced Partners and its respective affiliates (be they direct or indirect) renounce all guarantees, obligations, and warranties, be they express or implied, and shall not bear liability for any loss or damage whatsoever (including those resulting from human or computer errors, whether negligent or otherwise, or incidental or consequential losses or damages) that arise from or are connected with any utilization of or reliance on the information or advice on this site. The user must undertake sole responsibility related to the use of the material on this site, regardless of the purpose or the outcomes of such usage. The information available on this website should not be considered a replacement for professional tax advice or consultation.

Our liability is limited by a scheme approved under Professional Standards Legislation.