2022-2023 Budget

Erin Robertson • March 31, 2022

This is a safe, ballot box friendly Budget as expected with a focus on jobs, cost of living, home ownership, and health. 

‘Don’t Rock The Boat’ Budget 2022-23

 

This is a safe, ballot box friendly Budget as expected with a focus on jobs, cost of living, home ownership, and health.


Key initiatives include:

  • A 6 month, 50% reduction in fuel excise with effect from midnight Budget night
  • A $420 cost of living tax offset for low and middle income earners from 1 July 2022
  • A one-off $250 economic support payment to some social security payment recipients 

 

But, it is also a Budget that drives digitisation. Not just to support innovation but to streamline compliance, create transparency and more readily identify anomalies. Single touch payroll was the first step, the PAYG instalment system, trust compliance, and payments to contractors are next. 

 

Beyond compliance, there is an opportunity capitalise on the benefits of the Government’s push towards innovation and investment in new technology. Not just the $120 tax deduction for every $100 spent on training employees and digital adoption, but also the expansion of the patent box tax concessions. There are opportunities for those pushing boundaries.

 

If we can assist you to take advantage of any of the Budget measures, or to risk protect your position, please let us know.

 

As always, we’re here if you need us!


April 9, 2026
When selling a business—or even a slice of one—how you value the assets involved can have a major impact on the tax bill.
April 8, 2026
As Fringe Benefits Tax (FBT) lodgement season approaches, family businesses should carefully review the perks they provide to working directors and family members.
By Wright Partners Client April 8, 2026
The Better Targeted Superannuation Concessions measure (known as the Division 296 tax) is now law and takes effect from 1 July 2026.
By Wright Partners Client March 10, 2026
The Fringe Benefits Tax (FBT) year ends on 31 March. We’ve outlined the hot spots for employers and employees.
March 8, 2026
The ATO has issued a Draft Taxation Determination TD 2026/D1 which looks at how inherited family homes are treated for CGT purposes
By Wright Partners Client March 7, 2026
Self managed superannuation funds (SMSFs) can offer significant flexibility, allowing the members to make investments and enter arrangements that may not be available through retail or industry superannuation funds.
By Wright Partners Client March 5, 2026
Running a business from home—whether as a sole trader, freelancer, or small operator—has many perks.
By Wright Partners Client March 4, 2026
Running a successful business is hard work
February 16, 2026
When clients sell a long-held family home, they may be able to channel part of the proceeds into superannuation by using the downsizer contribution rules.
February 16, 2026
As a business owner or investor, time is always tight...
Show More