Budget 2022-23 v2.0: Shuffling the Deck

There is nothing in the 2022-23 Federal Budget 2.0 that will create a UK style crisis. The stage 3 tax cuts legislated to commence on 1 July 2024 are not mentioned, and most funding initiatives appear to be a reallocation of previous Government initiatives. 

​With seven months before the 2023-24 Budget released in May 2023, this Budget is a shuffling of the deck not a new set of cards.

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

We'll keep you up to date as the detail of these measures comes to hand.

Happy reading!

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