The Treasurer, the Honourable Josh Frydenberg MP, handed down the 2022-23 Federal Budget at 7.30pm (AEDT) on 29 March 2022.
In his speech, the Treasurer stated that the budget deficit for the 2022-23 income year is expected to be $78 billion or 3.4% of GDP. This is expected to more than halve over the next three years. The Treasurer confirmed unemployment is at 4% - the equal lowest in 48 years.
The Treasurer announced measures aimed at reducing cost of living pressures and has increased the low and middle income tax offset for the 2021-22 income year and announced a temporary reduction in fuel excise which will come into effect from 30 March 2022.
For small businesses (turnover of less than $50 million), taxpayers will be able to claim an "enhanced" tax deduction of 120% on external training expenses incurred on employees and also on expenses that support digital adoption such as portable payment devices, cyber security or subscription to cloud based services.
To encourage innovation, the Patent Box regime which was announced in last year's Budget will be expanded into the agricultural and low emissions technology industries.
Read our summary here.
A full report of the Budget will follow in due course.
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