Income tax is an unavoidable part of earning money in Australia, and for most people,…
Key takeaways from the 2023-24 Federal Budget
Federal Treasurer Dr Jim Chalmers delivered the latest Federal Budget from Parliament House in Canberra on Tuesday 9 May 2023. Below is a summary of the key insights into this major announcement which have been put together by Certified Practicing Accountants Australia (CPA), exploring the impact the new spending measures will have on businesses, accountants and the public.
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| Budget surplus expected
A $4.2 million surplus is predicted for the 2022-2023 financial year. |
Small business asset write-off
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. |
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| Household Energy Upgrade Fund
$1.3 billion Household Energy Upgrade Fund for home upgrades that save energy. |
Boost to cyber skills
$23.4 million “Cyber Wardens” program to boost cyber skills in small businesses. |
Minimimum 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. |
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| Superannuation tax
Future earnings on super balances over $3 million will be taxed at an additional 15 per cent from 1 July 2025. |
Change to super guarantee contributions
Employers will be required to pay compulsory super guarantee contributions on payday rather than quarterly (from 1 July 2026). |
Push towards net zero
Establishment of a national Net Zero Authority. |
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| Increased bulk-billing incentive
$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. |
Read CPA Australia’s expert analysis of the 2023-24 Federal Budget.
Source: cpaaustralia.com.au
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