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2022-2023 Federal Budget Report

2022-2023 Federal Budget Report

Moore Australia

The Treasurer, the Honourable Josh Frydenberg MP, handed down the 2022-23 Federal Budget at 7:30 pm (AEDT) on 29 March 2022.

The deficit for 2022-23 is expected to be $78 billion or 3.4% of GDP and it is expected that to halve to 1.6% of GDP over the next three years.

The key focus of this Budget is providing relief from cost of living pressures which is done using temporary measures including:
  • Halving of the fuel excise for a period of 6 months commencing 30 March 2022;
  • A one-off $250 Cost of Living Payment to Australians most impacted by cost of living increases; and
  • An increase of $420 to the low and middle income tax offset for the 2021-22 income year which will be delivered to Australians on lodgement of their 2021-22 income tax returns.

For small businesses, the budget includes enhanced tax deductions for the cost of external training provided to employees and for the cost of business expenses that support digital adoption such as portable payment devices, cyber security or subscription to cloud-based services.

In an effort to encourage innovation, the patent box regime which was announced in last year’s budget will be extended to provide concessioanl tax treatment in relation to commercialising eligible patents linked to eligible agricultural and veterinary chemical products and technologies with the potential to lower emissions.

View our 2022-2023 Federal Budget Report