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.
If we can assist you to take advantage of any of the Budget measures, or assist with any other queries, please reach out to the HCG Team here.
As always, we’re here if you need us!