[adning id=”12070″]

[adning id=”12070″]

Federal Budget’s 5 key take-aways for SMEs

Federal Budget October 2022-23 was delivered now here are the 5 key take-outs for SMEs.

1. Paid parental leave

The Federal Government has announced the biggest expansion of the Paid Parental Leave (PPL) scheme since 2011.

PPL will be increased from 18 weeks to 26 weeks by FY26-27. To encourage both parents to access the reformed PPL scheme, there will be a yet to be determined ‘use it or lose it’ portion for each parent.

2. Prepare for an ATO visit

The ATO has renewed funding to focus on key-areas on non-compliance for individuals, the shadow economy; and new priority areas of observed business risks.

These measures are expected to increase receipts by $6bn over a four-year period from FY22-23

SBW24

Focus areas include over-claiming of deductions and incorrect reporting of income for individuals.

3. End of investment incentives?

The temporary full expensing rules provide businesses with a turnover of up to $5 billion with an immediate deduction for 100% of the cost of eligible depreciating assets. This measure will end on 30 June 2023. To take advantage of this limited incentive, purchase eligible depreciating assets and instal them ready for use prior to 30 June 2023.

4. Look at electric cars

From 1 July 2022 newly acquired electric cars will be exempted from FBT and import taxes if they are below the luxury car tax threshold for fuel efficient vehicles ($84,916 for 2022-23).

The measure covers battery, hydrogen fuel cell and plug-in hybrid cars.

The exemption from FBT will encourage those interested in upgrading to an electric car to use salary packaging measures offered by their employer.

5. Get ready for May next year

It was expected that this budget would be smaller than the usual May budget. It has outlined how the new Government will fund its election promises and seek to repair the budget deficit created from the COVID-19 pandemic, but as the budget position deteriorates expect further tax measures in the May 23 Budget. Will we see any of the mooted changes to CGT concessions, Division 7A or Trusts?

Source: WilliamBuck

Facebook
Twitter
LinkedIn
Email
Print

Leave a Reply

Your email address will not be published. Required fields are marked *

SUBSCRIBE FREE
SME NEWS BRIEFS

Get breaking news delivered
This field is for validation purposes and should be left unchanged.

RECEIVE GOVT GRANT OF $10K to $250K*.

Austrade Approved Business Events
AVAILABLE NOW APPLY BEFORE 30th MARCH 2021 (Condition apply)

  • ABF Events are approved and listed below have been certified by Austrade on the Schedule of Approved Business Events.
  • This allows exhibitors, sponsors, delegates and partners to participate in the Business Events Grant Program. Note event bookings need to be confirmed ASAP to participate in the grant program
  • The program provides 50% rebate (based on a minimum spend of $20k) for approved items including ABF event-media packages, exhibition stands, corporate function tables, delegate registrations.
  • Govt Grant applications are now open until the 30 March. Please contact ABF to discuss how we can assist, we have experts to assist grant applications.
  • Grant funding will cover up to 50% of eligible expenditure incurred in participating at pre-approved business-to-business events as buyers or sellers during the 2021 calendar year.  All grant applications must be submitted for approval via the following link: https://business.gov.au/grants-and-programs/business-events-grants
  • For further information please see this fact sheet.
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?