Federal Budget May 2022
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 Running Time: 13:16 Date: 01/05/2022
- 2022-23 Federal Budget: $420 tax offset for cost of living; business 20% bonus deduction for skills/tech
- Low income tax offset - LMITO increased by $420 for 2021-22
- COVID-19 test expenses to be deductible
- Deduction boosts for small business: skills and training and digital adoption
- Employee share schemes for unlisted companies: thresholds amended
- ATO's Tax Avoidance Taskforce: extended operation, more funding
- Digitalising trust income reporting
- Superannuation pension drawdowns - 50% reduction extended to 2022-23
- Temporary reduction in fuel excise
Topics: Accounting & Tax
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Peter McGinty, Chartered Accountants Australia and New Zealand |
