Federal Budget Brief 2022-23 2.0
Aspen Corporate • 26 October 2022
Shuffling the Deck: 2022-23 Budget 2.0
There is nothing in the 2022-23 Federal Budget 2.0 that will create a UK style crisis. The stage 3 tax cuts legislated to commence on 1 July 2024 are not mentioned, and most funding initiatives appear to be a reallocation of previous Government initiatives.
With seven months before the 2023-24 Budget released in May 2023, this Budget is a shuffling of the deck not a new set of cards.
If you have any further questions about the budget, or would like any assistance, please contact your Aspen Corporate Advisor on 08 9228 0770 or at
advisor@aspencorp.com.au.
The superannuation guarantee rules are broad and, in some circumstances, extend beyond the definition of common law employees to some directors, contractors, entertainers, sports persons and other workers.
The amount of money that can be transferred to a tax-free retirement account will increase to $2m on 1 July 2025.
In the 2025-26 Federal Budget the Government announced a ban on non-compete clauses and “no poach” agreements.
The personal income tax rate reduction announced in the 2025-26 Federal Budget was confirmed, from 1 July 2026, personal income tax rates will change.
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