Well, as accountants it’s nice to have a year when post-budget we can say there haven’t been any drastic changes.
Most of the positives from the budget have been already been headlined in mainstream media, but here they are again in 3D speak:
- Fuel excise tax cut in half for the next 6 months meaning 22c a litre saving on fuel.
- Low-middle income earners rebate increased from $1,080 to $1,500 which will be included in your 2022 tax return (this is the max – you may not get all of this).
- 20% extra tax deduction for employee training and digital technology, so spend $10,000 and get a deduction for $12,000 (in a company @ 25% tax rate this isn’t very much of a tax saving, in this example, it’s $500).
- New apprentices and trainees – this is a decent one. $5,000 payment to the employee and up to $15,000 to the employer (spanned over 2 years).
- $250 one-off payment to pensioners, carers, and other welfare recipients (to be delivered in about 6 weeks).
I think that covers the main items likely to affect 3D friends and clients. As always if you have any questions feel free to contact us.