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.
Accessing superannuation funds for medical treatment or financial hardship
The Federal Government had a consultation process on supermarket unit pricing. This is not only a consumer issue, but it could have commercial impacts for suppliers
Leaving debts outstanding with the ATO is now more expensive for many taxpayers, as GIC and SIC imposed by the ATO is no longer tax-deductible from 1 July 2025.
A decision by the Administrative Review Tribunal highlights the importance of documentation and evidence when it comes to tax planning and the possible consequences
The Reserve Bank of Australia (RBA) delivered a 25 basis point rate cut, lowering the cash rate from 3.85% to 3.60%, the third reduction this year.
On 1 July 2025 the superannuation guarantee rate increased to 12% which is the final stage of a series of previously legislated increases.
