The ‘ace in the hole’ of the 2023-24 Federal Budget was the $4.2bn surplus; the first in 15 years driven by a surge in the corporate and individual tax take.
Key measures include:
- Energy bill relief for some households and small business
- Encouraging doctors to offer bulk billing by tripling the incentive for children under 16, pensioners and other Commonwealth card holders
- Increases to commonwealth rent assistance
- Increases to JobKeeper and other income support payments
- Expanding access to the single parenting payment
For small business, the $20k instant asset write off is back.
But there is a lot not in the Budget – loss carry back, temporary full expensing, Division 7A, any mention of the technology investment boost and skills and training boost.
There is also a lot of money for the ATO and treasury for compliance measures.