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Federal Budget May 2022

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Running Time: 13:16

Date: 01/05/2022

  • 2022-23 Federal Budget: $420 tax offset for cost of living; business 20% bonus deduction for skills/tech
  • Low income tax offset - LMITO increased by $420 for 2021-22
  • COVID-19 test expenses to be deductible
  • Deduction boosts for small business: skills and training and digital adoption
  • Employee share schemes for unlisted companies: thresholds amended
  • ATO's Tax Avoidance Taskforce: extended operation, more funding
  • Digitalising trust income reporting
  • Superannuation pension drawdowns - 50% reduction extended to 2022-23
  • Temporary reduction in fuel excise
  

Topics: Accounting & Tax


Peter McGinty, Chartered Accountants Australia and New Zealand