It is no surprise that last night’s Budget had a significant focus on easing the cost of living and addressing challenges of a slowing economy. The healthcare system also received a boost and there were some wins for small business.
Superannuation measures focused on aligning employer Superannuation Guarantee payments with pay cycles and the introduction of the previously announced tax on earnings of balances more than $3million.
Several tax strategies were also recommended to support small businesses and increase the number of dwellings available on the rental market.
Some wins for small business
• A temporary increase the instant asset write-off threshold to $20,000, from 1 July 2023 until 30 June 2024
• Small and medium businesses, with aggregated annual turnover of less than $50m, will be permitted to deduct an additional 20 per cent of the cost of eligible depreciating assets that support electrification and more efficient use of energy. Up to $100,000 of total expenditure will be eligible for the Small Business Energy Incentive, with the maximum bonus deduction being $20,000.
Every Budget has its winners and losers and this year’s is no different. The ABC has provided the following breakdown of what’s in it for you.
