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Everything you need to know about the Budget and how it will impact you and your clients.
Federal Treasurer, Jim Chalmers, handed down the 2023 Federal Budget last night in Canberra. We've been working through the details and have compiled a concise summary of the headline announcements that we think will have the biggest impact across our members and their clients.
It is important to note that in most cases, the measures announced are subject to enabling legislation receiving Royal Assent.
Quarterly Tax Instalment relief
For GST instalments and PAYG instalments falling due during the 2023-24 financial year, the GDP adjustment factor will be halved from 12% to 6%. This will apply to both individuals and small businesses who are eligible to pay GST or PAYG by instalments.
Small Business Energy Incentive
An additional 20% tax deduction will be given to small and medium businesses with an aggregated turnover of less than $50 million for the first $100,000 of expenditure in depreciating assets which support electrification and energy-efficient processes.
Lodgement penalty amnesties
For small businesses with an aggregated turnover of less than $10 million, failure to lodge (FTL) penalties will be remitted for lodgements taking place in the 7-month period from 1 June 2023 to 31 December 2023 where the original lodgement was due between the period from 1 December 2019 to 28 February 2022.
Instant Asset Write-off extension
The current Instant Asset Write-off extension was due to finish on 30 June 2023, however it has been given a further 12-month life in a limited form. Under the announced measure, from 1 July 2023 to 30 June 2024, assets up to $20,000 can be immediately deducted. The asset must also be first used or installed ready for use during this same period.
FBT exemption for plug-in hybrid cars scrapped
The FBT exemption for eligible electric cars will no longer apply to plug-in hybrid cars from 1 April 2025.
Expansion of ATO Compliance activities
Significant further funding will be provided to the ATO to expand compliance programs targeting high-value or aged tax debts for certain taxpayers, superannuation guarantee compliance, GST compliance and financial crimes.
Pay Day Super
With effect from 1 July 2026, employers will be required to pay their superannuation guarantee (SG) obligations at the same time that they pay their salary and wages. This will replace the current quarterly regime for SG payments. By way of example, an employer will a weekly payroll cycle will be required to make 52 or 53 SG payments each year, rather then four.
Additional tax on superannuation balances above $3 million
The much-publicised additional tax on individuals with total superannuation balances above $3 million will commence on 1 July 2025. A 30% tax rate will apply to earnings corresponding to the proportion of an individual’s total superannuation balance above $3 million.
Provisions currently exist which impose additional tax burdens on super funds where non-arm’s length expenditure (NALE) has occurred. The provisions are widely regarded as producing an excessively punitive outcome, especially in instances where a relatively small non-arm’s length expense has occurred. The measures described in the Budget will limit the scope of the NALE provisions and reduce the severity of their application.
Increases to Medicare Levy low-income thresholds
With effect from 1 July 2022, the thresholds at which Medicare Levy apply will be increased to take account of recent CPI increases.
Lump sum payments in arrears Medicare Levy relief
If an individual receives certain lump sum payment in arrears from 1 July 2024, and in the two most recent financial years before receiving the payment they were eligible for Medicare Levy reductions, then (subject to other eligibility criteria) the payment will also enjoy Medicare Levy relief.
Personal Income Tax Compliance Program
Significant further funding will be provided to the ATO to expand compliance programs aimed at ensuring personal income tax obligations are complied with and that emerging areas of risk are addressed.
Pensioner Incentives to Work
Pensioners will be able to earn up to $11,800 per financial year before it impacts on their pension.