Federal Budget Virtual Seminar Available On-demand

While Australia has experienced a period of rising inflation – the highest in forty years – along with the increasingly high cost of living, limited access to talent and persisting supply chain issues, inflation seems to be subsiding. Current data from the ABS confirms inflation has passed its peak. 

The Government has been clear that this Budget’s main focus was to cautiously mitigate the risks of a possible recession and ease impacts of inflation. Real budget repair and expenditure will be a focus for future budgets, along with reducing the ballooning national debt.

What does this mean for your business? How do the key spending highlights address current and future economic issues while helping businesses maintain profitability? 
To find out more about how the Government’s key spending and tax measures will affect your business, access our insights. 

A balancing act: insights from the Federal Budget

Labor has handed down its second Budget since being in power, amidst global economic uncertainty, a slowing economy with growth expected to wane to 1.5 per cent in 2024 and rising costs for individuals and businesses alike. The Federal Government this year had three priorities – cost-of-living relief, growing the economy, and ensuring Australia’s stability against international economic instability.

Vince Tropiano

Vince Tropiano

  • Partner - Tax

Snapshot

 

Spending highlights

Click to enlarge

Tax overview

Personal Tax

  • Individual income tax rates unchanged for 2023-24
  • The Stage 3 tax changes will apply from 1 July 2024 
  • Extending the personal income tax compliance program 

Corporate Tax

  • Build to rent tax deductions
  • Extending the clean building managed investment trust withholding tax concession
  • Amending the Petroleum Resource Rent Tax (PRRT) legislation and clarifying the tax treatment of ‘exploration’ and ‘mining, quarrying and prospecting rights’ 
  • Tax integrity – expanding the general anti-avoidance rule 

Superannuation

  • $3m Superannuation Cap – effective date 1 July 2025
  • Securing Australians’ Superannuation 

 

International Tax

  • Implementation of a 15 per cent global minimum tax for large multinational enterprises 

Business Tax

  • Small business lodgement penalty amnesty 
  • Small business support – $20,000 Instant Asset Write Off 
  • Small business energy incentive 
  • Small business support – managing tax instalments and improving cash flow 

Innovation Incentives

  • National Reconstruction Fund
  • Hydrogen Headstart program
  • Innovation Incentives aimed at supporting innovative Australian startups and SMEs
  • Advanced Strategic Capabilities Accelerator
  • Growing Australia’s quantum and artificial intelligence ecosystem 

Indirect Tax

  • GST compliance program extension

Federal Budget Virtual Seminar Available On-demand

Federal Budget 2023 First Impressions

Watch our Federal Budget recap with Sandie Boswell and Vince Tropiano as they unpack the key outcomes of the Federal Budget, and cross live to Emma Maguire in Canberra to hear first impressions as it happens.

Federal Budget 2023 Recap with Grant Thornton Australia Tax Experts

Subscribe to receive our publications

Subscribe now to be kept up-to-date with timely and relevant insights, unique to the nature of your business, your areas of interest and the industry in which you operate.