Key points from the 2023-24 Federal Budget
Federal Budgets can involve a lot of content. The following are a quick summary of the main issues. The other related article has more detail.
Budget surplus expected
The first surplus in a number of years. A $4.2 billion surplus is predicted for the 2022-2023 financial year.
Small business asset write-off
Current rules apply until the 30th June 2023 so action before then may be prudent for your business. One-year small business instant asset write-off for assets up to $20k.
Small Business Energy Incentive
One-year Small Business Energy Incentive to switch to efficient energy sources such as electricity.
Household Energy Upgrade Fund
The move to solar and other energy saving systems is given a shove orward. $1.3 billion Household Energy Upgrade Fund for home upgrades that save energy.
Boost to cyber skills
This should be a program that all small businesses get involved in. Cyber security is one of the most misunderstood issues within this business group. $23.4 million “Cyber Wardens” program to boost cyber skills in small businesses.
Minimum tax for multinationals
15 per cent global minimum tax and a domestic minimum tax from 1 January 2024 for multinational groups with global turnover of $1.2 billion or more.
Superannuation tax
Future earnings on super balances over $3 million will be taxed at an additional 15 per cent from 1 July 2025. From 15% to 30%.
Change to super guarantee contributions
This change is expected to make a big difference to the efficiency of many small businesses. Employers will be required to pay compulsory super guarantee contributions on payday rather than quarterly (from 1 July 2026).
Push towards net zero
Another authority! Establishment of a national Net Zero Authority.
Increased bulk-billing incentive
Perhaps giving medical practitioners more would be better but $3.5 billion over five years to increase the bulk-billing incentive for general practitioners.
Aged care workers wage increase
$11.3 billion wage increase for aged care workers.
More welfare support
Targeted relief for vulnerable members of the community – including JobSeeker recipients and Commonwealth Rent Assistance.
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