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Key Points From The 2023-24 Federal Budget

Federal Budgets can involve a lot of content. The following are a quick summary of the main issues.
Key points from the 2023-24 Federal Budget

Budget surplus expected
The first surplus in several years. A $4.2 billion surplus is predicted for the 2022-2023 financial year.

Small business asset write-off
Current rules apply until 30 June 2023, so action before then may be prudent for your business—one-year small business instant asset write-off for assets up to $20k.

Small Business Energy Incentive
One-year Small Business Energy Incentive to switch to efficient energy sources such as electricity.

Household Energy Upgrade Fund
The move to solar and other energy-saving systems is given a shove forward—a $ 1.3 billion Household Energy Upgrade Fund for home upgrades that save energy.

Boost to cyber skills.
This should be a program that all small businesses get involved in. Cybersecurity is one of the most misunderstood issues within this business group—a $ 23.4 million “Cyber Wardens” program to boost cyber skills in small businesses.

Minimum tax for multinationals
Fifteen per cent global minimum tax and a domestic minimum tax from 1 January 2024 for multinational groups with a worldwide turnover of $1.2 billion or more.

Superannuation tax
Future earnings on super balances over $3 million will be taxed at an additional 15 per cent from 1 July 2025. From 15% to 30%.

Change to super guarantee contributions
This change is expected to make a big difference to the efficiency of many small businesses. Employers must pay compulsory super guarantee contributions on payday rather than quarterly (from 1 July 2026).

Push towards net zero.
Another authority! Establishment of a national Net Zero Authority.

Increased bulk-billing incentive
Perhaps giving medical practitioners more would be better, but $3.5 billion over five years would increase the bulk-billing incentive for general practitioners.

Aged care workers’ wage increase
$11.3 billion wage increase for aged care workers.

More welfare support
Targeted relief for vulnerable community members – including JobSeeker recipients and Commonwealth Rent Assistance.

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