The 2023 Federal Budget and YOU

Firstly, anything announced by our nation's leaders is subject to Parliament's approval of the actual legislation. The announcements are not in force unless and until the details are finalised and receive Royal Assent.

As always, try not to rely on news or advertising content for tax or financial advice, consider the underlying reason for the message and confirm with your tax professional. Even this page is general in nature and cannot be relied upon as formal tax advice.

That said, there are several attention-grabbers in this week's announcements, and we will outline here the main tax and small-business related proposals. Click the arrow next to a topic to see our highlights.

Small Business Instant Asset Write-Off

Energy Efficiency Incentives

Rental Property New Build Encouragement

ATO Compliance Programs - "Checking and Chasing"

Anti-Avoidance Rules for Foreign Connections

Late Lodgement Penalty Amnesty - Catch-up Time!

Individual Tax Rate Changes

Employee Superannuation Due on Payday

Home Guarantee Scheme Expanded

Large Super Balances to be Taxed More

Unemployment and Inflation Projections

What WASN'T mentioned

Well friends, we hope you found something interesting in the above small glimpse into the pages and pages out of Canberra this week. As always, reach out if you need any further information.

More Information

We have sourced the above information from some of our professional membership circulations, as well as Government websites (some of which are linked above). While care is taken to select and present these points accurately, this does not constitute advice as your particular circumstances cannot be taken into account.