** Budget Summary 2022/23
On Tuesday 29 March, Treasurer Josh Frydenberg handed down the 2023 Federal Budget. The Treasurer detailed the current state of the economy, a plan to help Australia move past a difficult two-year period following the COVID-19 pandemic and a number of measures to improve cost of living pressures.

The team at Giles Wade have prepared a summary of the major announcements HERE (https://mcusercontent.com/3770fc24b49b6fac8296845e2/files/288ce7dc-b305-f60e-a5ee-ec925e3eb290/Budget_Summary_2022_Giles_Wade.04.pdf) .


* Personal tax rates unchanged for 2022–2023.
* Temporary increase to the low and middle-income tax offset from 1st July 2021 (FY2022).
* Increase to Medicare Levy low-income thresholds.
* Tax deductibility and FBT exemption for COVID-19 test expenses.

* Temporarily extending the minimum pension drawdown relief.

Housing affordability
* Expanding the Home Guarantee Scheme.

* Small business – technology & skills and training boosts.
* Expanding access to employee share schemes.
* COVID-19 economic support.
* Modernising PAYG instalment systems.

Families, Social Security and Aged Care
* A one-off cost of living payment.
* Enhancing the Paid Parental Leave scheme.
* Lowering the Pharmaceutical Benefits Scheme threshold.
* Temporary fuel excise cut.

Note: These changes are proposals only and may or may not be made law

If you have would like to discuss further or have any questions, please contact the team on (03) 9670 6070 or gwteam@nullgileswade.com (mailto:gwteam@nullgileswade.com)


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