An insight into this year’s Federal Budget:
The Government’s 2022-2023 Federal Budget moves Australia’s recovery into the next phase. It aims to help offset the rising ‘costs of living’, support small business cash flow, fund skills training, improve manufacturing capability and there is more spending on infrastructure, trade and tourism.
For Individuals:
- The fuel excise tax will have from 44.2 cents per litre to 22.1 cents per litre for six months, coming into effect from Budget night 2022. This will assist with the impact of rising oil prices as a result of the Ukraine war.
- A one off $420 cost of living tax offset for workers eligible for the low and middle income tax offset will come into effect from 1 July 2022 to help manage rising living costs.
- Pensioners and other welfare recipients will receive a $250 one off cash payment, to be paid within weeks of the 2022 Budget announcement.
- The deposit Guarantee Scheme will more than double to 50,000 places per year. The scheme cuts the deposit required to buy a home to 5% with the Federal Government guaranteeing the other 15%. There will be places set aside for single parents – either buying their first properties or trying to re-enter the market. Eligible single parents can receive a guarantee with a deposit of just 2%
- The First Home Super Saver Scheme (FHSSS) will be tweaked. It will allow first home buyers to withdraw $50,000 from their super, up from $30,000. This Scheme allows first home buyers to save a deposit by contributing to super while paying less tax
For Businesses and Institutions:
- A range of measures have been introduced to streamline business interactions with the Government. The aim is to develop technology to automate reporting requirements, reduce costs and processing times and improve cash flows.
- The existing instant asset write off rules for businesses with turnover or income of less than $5bn have been extended to 30th June 2023.
- To help kick start the tourism sector, there is a $60m Tourism Marketing Recovery Plan to attract international tourists following the reopening of Australia’s border.
- A $2m employment and skills online platform will be established to match job seekers with tourism employers while also training and upskilling staff in tourism.
See the link below for further information on the Federal Budget 2022:
PerryCooper Property / Real Estate Agency Buderim / 0438 162 520
