Treasurer Josh Frydenberg handed down his third Federal Budget on Tuesday night. It focused on initiatives designed to maintain and grow Australia’s post-pandemic economic recovery.
Key Changes include:
Personal Income Tax Changes –
- The Government has announced that it will retain the Low and Middle Income Tax Offset (LMITO), that is up to $1,080, for one more income year, so that it will still be available for the 2022 income year.
Changes Affecting Business Taxpayers –
- Extension of the instant asset write off for eligible depreciating assets until 30 June 2023 (previously June 2022). Please note the full cost of the asset is deductible, no cost limit applies.
Superannuation Related Changes –
- The Government will remove the $450 per month minimum income threshold for Super Guarantee contributions. This will allow an estimated 300,000 low paid workers to be eligible to receive mandatory employer super contributions.
For more information, visit: NTAA Budget Handout
For more detailed information on all proposals, please refer to the Government’s official Budget website.