The 2023-24 Federal Budget will be released on Tuesday, 9 May 2023. Look out for our update the next day on the important issues to you, your superannuation and your business.

Little has been released to date on the impending Budget beyond the tax on super balances above $3m and the decision not to extend the temporary $1,500 low and middle income tax offset beyond 30 June 2023.

Cost of living is a focus but on this, the Government is walking a tightrope between easing pressure without increasing inflation.

Some of the areas to watch include:

The legislated stage three tax cuts, that collapse the 32.5% and 37% tax brackets to a single rate of 30% for those with assessable income between $45,000 and $200,000 are not due to commence until 1 July 2024.
Provision for announced defence spending.
Active support to develop a viable clean energy industry and transition to clean energy.
Productivity measures — Temporary full expensing is set to expire on 30 June 2023.
Technology and training boosts — Skills and Training Boost and Technology Investment Boost legislation has not yet passed Parliament.

Download the full Client Newsletter April 2023