2022-2023 October Budget

From a tax perspective the budget has left the tax system alone. No significant changes were made. 

Two minor changes:

1.  The eligibility age for the Downsizer contribution to super will be reduced from 60 to 55 once legislation passed.

2.  Fuel efficient cars (battery, hydrogen fuel cell and plug in hybrid) will be exempt from FBT from 1st July 2022

No changes were made to the temporary full expensing of assets which will end on 30th June 2023.

No changes were made to proposed adjustments to personal tax rates proposed from 1st July 2024.

If you have any questions relating to tax issues with the budget, please contact us.


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