Federal Budget 2023-24

Federal Treasurer Dr Jim Chalmers delivered the latest Federal Budget from Parliament House in Canberra on Tuesday 9 May 2023. 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.

Key measures include:

• Energy bill relief for some households and small businesses
• Encouraging doctors to offer bulk billing by tripling the incentive for children under 16, pensioners and other Commonwealth cardholders
• Increases to Commonwealth rent assistance
• Increases to JobKeeper and other income support payments
• Expanding access to the single parenting payment

For small businesses, 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.

Further details of the announced budget are available here: Federal Budget 2023-24.

We’ll keep you up to date as the detail of these measures comes to hand however feel free to contact us should you require our assistance in the meantime.

Kind regards,

Shakespeare Financial Group