2023 Federal Budget Update

As seen in Woopi News June 2023

While some Budget announcements do not require legislation and apply immediately, it’s important to remember that not all announcements that require legislated will be passed.

One budget announcement that us Accountants and many small business owners are relieved to see is the small business instant asset write off threshold from 1 July of $20,000. The announced $20,000 cap applies to assets purchased and installed ready for use between 1 July 2023 to 30 June 2024. For now, up until 30 June 2023 the threshold remains uncapped for most small business assets. The asset is deductible in the income year where it is installed ready for use, it is important to note if you order an asset now and it’s not delivered until July then it’s not deductible in the 2023 Financial Year, even if you paid for it before 30 June.

Electricity bill relief is planned from July. Eligible families to receive $500 and eligible small businesses $650. If you are eligible the payment will be applied automatically to your electricity bills. Business owners should ensure that their electricity plan is registered as a commercial electricity plan and their provider has their ABN recorded. Eligible families are those receiving Family Tax Benefit, a Carer Allowance or have a Pension Concession Card, Health Care Card, and DVA Gold Cards or a Commonwealth Seniors Health Care Card. It’s important to ensure that your address details are up to date with Services Australia before 30 June, if you have recently moved.

Some bad news is there’s no immediate relief available for those hard-working people who are not eligible for the above electricity payment. For the 2022/23 Tax Returns, the low and middle income earner tax offset is no longer available. In previous years this offset gave taxpayers earning up to $126,000 a tax offset of up to $1500, with those earning between 48,001 – 90,000 receiving the full amount. This offset in my opinion has ended at the worst time, when middle income earners need it most. 

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