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We have summarised the key points from the 2022-2023 budget, that we believe will have the most impact on our clients.
Please keep in mind that all budget measures are proposals and will require the passage of legislation to become effective.
Other Summary Points
The paid parental leave scheme will become ‘fairer’ under the federal budget, even if the total number of weeks' leave isn’t increasing.
In short: 18 weeks’ paid leave, plus two weeks of ‘dad and partner pay’, will become 20 weeks of paid leave, fully sharable between eligible parents.
For the first time, single parents will be able to access 20 weeks of paid leave.
The Home Guarantee Scheme will be expanded to support up to 35,000 first home buyers annually.
An additional 10,000 places are also available under the Regional Home Guarantee for regional buyers to buy new homes, and another 5,000 places for single parents.
The scheme allows a first-home buyer to buy with just a 5 per cent deposit, with the government guaranteeing the remaining 15 per cent.
But not all first home buyers are eligible. Buyers will have to earn less than $125,000 as an individual, or $200,000 as a combined household.
The budget also committed to expand the First Home Super Saver Scheme.
This scheme allows you to save part of the deposit for your house by making voluntary contributions to your super.
Currently, you can save a deposit of up to $30,000 using this program. That limit will increase to $50,000 from 1 July this year, as announced in last year’s budget.
Disaster funding is on the way for flood-affected communities in NSW and Queensland. Some $150 million from the Emergency Response Fund will flow towards recovery and disaster resilience activities through 2022-2023, budget papers say.
Elsewhere, $800,000 in funding will bolster the Regional Small Business Support Program in 2023, assisting flood-impacted small businesses in northern NSW and southern Queensland.
If you have any questions or concerns about the proposals from the Federal budget announcements, please contact your Ulton Advisor to discuss.
Want to learn more about the other announcements from the 2022 budget? Click on the links below to go through to the specific summary or view the entire budget summary here.
6 min read
It has long been the ATO’s practice to treat a trust’s unpaid present entitlements (“UPE”) to a company as a loan for th...
12 min read
Small businesses with an aggregated turnover of less than $50 million will be able to claim a bonus deduction equal to 2...
4 min read
From the 1 July 2023 your wages data collated from your Single Touch Payroll (STP) lodgments will be prefilled into your...
