2023-2024 Budget Wrap

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Our 2023 – 2024 Budget Wrap Issue Covered

The 2023-24 Federal Budget was handed down on 9 May. It contains changes to business and personal taxation, superannuation, social security entitlements, as well as cost of living relief. Following are some of the headline measures, many of which are subject to enabling legislation.

So what else is in the 2023 – 2024 Budget Wrap?

  • Business
    – Depreciation made less generous
    – Small business lodgement penalty amnesty
    – Small business energy incentive
    – Crackdown on unpaid tax and superannuation
    – Patent box proposals scrapped
  • Individuals
    – No changes announced to Stage 3 tax cuts
    – Low and middle income tax offset (LMITO) not extended
  • Superannuation
    – Extra tax for super earnings for account balances above $3 million confirmed
    – No reduction to minimum drawdown for super pensions for 2023/24
    – Super Guarantee payable on pay day from 1 July 2026
    – NALI changes – proposed multiple reduced
  • Social security and cost of living
    – Boost to Centrelink payments
    – Jobseeker increased
    – Power bill rebates
    – Sole parents
    – Rent assistance

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