Shuffling The Deck — 2022-23 Federal Budget 2.0
With seven months before the 2023-24 Budget released in May 2023, this Budget is a shuffling of the deck not a new set of cards.
With seven months before the 2023-24 Budget released in May 2023, this Budget is a shuffling of the deck not a new set of cards.
Individuals & families
As previously announced, the maximum Child Care Subsidy (CCS) rate will increase from 85% to 90% for families earning less than $80,000. Subsidy rates will then taper down one percentage point for each additional $5,000 in income until it reaches zero per cent for families earning $530,000.
Superannuation & investors
From Budget night, the Government intends to align the tax treatment of off-market share buy-backs undertaken by listed public companies with the treatment of on-market buy-backs. The result is expected to deliver a saving of $550m.
Business & employers
The measure enabling taxpayers to self-assess the effective life of certain intangible assets, due to commence on 1 July 2023, has been removed.
Government & regulators
The ATO will receive an additional $80.3m to crackdown on non-compliance including overclaiming deductions and incorrect reporting of income. The spend is expected to increase tax receipts by $674.4m over 4 years.
- Child Care Subsidy increases to 90% for families earning under $80,000
- Off-market share buy-back tax treatment aligned with on-market
- Self-assessment of intangible asset effective life measure removed
- ATO receives $80.3m to crack down on non-compliance
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