2022 Federal Budget summary
April 4, 2022
Read CPA’s summary of the tax and superannuation measures in the Federal Budget 2022-23 which provides you with an overview of the Treasurer’s announcements.
These include cost of living relief, small business incentives and streamlined administration.
Key announcements are:
- a one-off $420 cost of living tax offset for low and middle income earners, and a $250 payment for pensioners and welfare recipients
- fuel excise will be reduced by 50 per cent for six months
- for small businesses, the Skills and Training Boost will provide a new 20 per cent bonus deduction for eligible external training courses for upskilling employees from Budget night.
- small businesses will receive a similar 20 per cent bonus deduction for expenditure on digital technologies (e.g. cloud computing, einvoicing, cyber security and web design) for investments of up to $100,000 per year.