Ace in the Hole: Budget 2023-24

Hello first name,

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.

Downloads

• Download the Advisers' Edit

White label client guide:

• Office 365 - White label client guide
• Office 9703 - White label client guide

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.

TaxBanter has a Budget Update webinar at 10am AEDT today if you want to get across the detail quickly. If not, we'll keep you up to date as the detail of these measures comes to hand.

Happy reading!

Lisa Armstrong

MD | Knowledge Shop

Member Helpdesk helpdesk@knowledgeshop.com.au

Phone 1800 800 232

Member services members@knowledgeshop.com.au