On Tuesday March 29, 2022, Treasurer Josh Frydenberg and the Federal Government handed down the 2022-23 Federal Budget.

In an election Budget, the Treasurer announced a range of cost-of-living measures, including a one-off $420 cost of living tax offset for low and middle-income earners, and a $250 payment for pensioners and welfare recipients. The fuel excise will also be reduced by 50% for 6 months, starting from midnight on Budget night.

For small businesses, a Skills and Training Boost will provide a new 20% bonus deduction for eligible external training courses for upskilling employees from Budget night. In addition, businesses will receive a similar 20% bonus deduction for expenditure on digital technologies (e.g. cloud computing, eInvoicing, cyber security and web design) for investments of up to $100,000 per year.
The Treasurer said a strong economic recovery is well underway, notwithstanding the COVID-19 pandemic and new shocks, such as the recent floods and the Russian invasion of Ukraine. Mr Frydenberg said economic growth forecasts have been revised upwards, driven by stronger-than-expected momentum in the labour market and consumer spending. The unemployment rate has also fallen to 4% and is expected to reach 3.75% in the September 2022 quarter.

For further information, please refer to the attached NTAA Budget Summary:

Budget 2022-23 Handout

Should you have any queries please don’t hesitate to email or phone your regular DRB Group Contact