We are pleased to supply you with the special Budget edition of Client Alert, which outlines key announcements of the October 2022 Federal Budget.
PERSONAL TAXATION:
- Personal tax rates unchanged for 2022–2023
- Low and middle income tax offset
- Paid parental leave to be expanded
- Increased Child Care Subsidy rate for household income up to $530,000
BUSINESS TAXATION:
- Previously announced measures: eight abandoned, three deferred
TAX COMPLIANCE AND INTEGRITY:
- Increased funding for ATO compliance programs
- Digital currencies not foreign currency
SUPERANNUATION:
- SMSF residency changes delayed
- Three-year cycle for SMSF audits will not proceed
- Standardised disclosure for retirement income products
- Super downsizer contributions eligibility age reduction to 55 confirmed
HOUSING MEASURES:
- Regional First Home Buyers Guarantee Scheme; Housing Australia Future Fund
- New Housing Accord: $350 million in Government funding
Please do not hesitate to reach out if you wish to discuss any of the points raised in this Alert.
Yours sincerely,
The Team at PHA