{"id":3785,"date":"2022-03-30T15:39:03","date_gmt":"2022-03-30T05:39:03","guid":{"rendered":"https:\/\/insight.thomsonreuters.com.au\/business\/?post_type=insight_resource&#038;p=3785"},"modified":"2022-03-30T15:41:29","modified_gmt":"2022-03-30T05:41:29","slug":"2022-federal-budget-report-powered-by-the-weekly-tax-bulletin","status":"publish","type":"insight_resource","link":"https:\/\/insight.thomsonreuters.com.au\/business\/resources\/resource\/2022-federal-budget-report-powered-by-the-weekly-tax-bulletin","title":{"rendered":"2022-23 Federal Budget Report: Powered by the Weekly Tax Bulletin"},"content":{"rendered":"\n<h4 class=\"wp-block-heading\">On Tuesday, 29 March 2022, Treasurer Josh Frydenberg handed down the 2022-23 Federal Budget. <\/h4>\n\n\n\n<p>The Budget offers <a href=\"https:\/\/insight.thomsonreuters.com.au\/tax\/posts\/federal-budget-for-smes-advising-small-businesses-on-skills-training-and-digital-adoption-incentives\">new incentives for SMEs<\/a> which rewards skills, training and digital adoption. Meanwhile, <a href=\"https:\/\/insight.thomsonreuters.com.au\/business\/posts\/whats-in-the-2022-23-federal-budget-for-big-business\">big businesses now have the broadened scope of the concessional tax treatment of what is termed patent box income and the extended operation of the ATO\u2019s Tax Avoidance Taskforce<\/a> to consider.<\/p>\n\n\n<p><script type=\"text\/javascript\" async=\"\" src=\"https:\/\/play.vidyard.com\/embed\/v4.js\"><\/script><img decoding=\"async\" style=\"width: 100%; margin: auto; display: block;\" class=\"vidyard-player-embed\" src=\"https:\/\/play.vidyard.com\/xWGQB9akZkFF6AWKKC7WBM.jpg\" data-uuid=\"xWGQB9akZkFF6AWKKC7WBM\" data-v=\"4\" data-type=\"inline\"><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Economic outlook<\/h2>\n\n\n\n<p>Mr Frydenberg said economic growth forecasts have been revised upwards, driven by stronger-than-expected momentum in the labour market and consumer spending. The unemployment rate has also fallen to 4%, and is expected to reach 3.75% in the September 2022 quarter.<\/p>\n\n\n\n<p>Since the Mid-Year Economic and Fiscal Outlook (MYEFO) in December 2021, the underlying cash<br>balance has improved by $103.6bn over the 5 years to 2025-26. Nevertheless, the Government is<br>expected to record a deficit of $79.8bn for 2021-22 and $78.0bn for 2022-23 (down from $134.2bn in 2020-21). Net debt of $714.9bn for 2022-23 is forecast to rise to $864.7bn in 2025-26.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Tax-related measures in the Federal Budget<\/h2>\n\n\n\n<p>The major tax-related measures announced in the Budget include:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>LMITO increased by $420 for 2021-22 <\/li><li>Personal tax rates <\/li><li>Small business 20% deduction boost: skills training and digital adoption <\/li><li>Patent box income extension<\/li><li>Employee share scheme<\/li><li>Carbon credit and biodiversity certificate income<\/li><li>Digitalising trust income<\/li><li>PAYG instalments option <\/li><\/ul>\n\n\n\n<p><strong>This expertly written report is brought to you by the <a href=\"https:\/\/tax.thomsonreuters.com.au\/\">Thomson Reuters Tax<\/a> Division for the Weekly Tax Bulletin. Download your complimentary issue via the form on this page.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>On Tuesday, 29 March 2022, Treasurer Josh Frydenberg handed down the 2022-23 Federal Budget. The Weekly Tax Bulletin has released a report summarising the announcement.<\/p>\n","protected":false},"author":107,"featured_media":3786,"template":"","categories":[788,873],"tags":[1217],"resource_type":[624],"insight_job_role":[],"insight_practice_area":[],"class_list":["entry","author-corpadmin","has-excerpt","post-3785","insight_resource","type-insight_resource","status-publish","has-post-thumbnail","category-research-and-know-how","category-tax-legislation","tag-federal-budget","resource_type-report","hentry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>2022-23 Federal Budget Report: Powered by the Weekly Tax Bulletin<\/title>\n<meta name=\"description\" content=\"On Tuesday, 29 March 2022, Treasurer Josh Frydenberg handed down the 2022-23 Federal Budget. The Weekly Tax Bulletin has released a Budget report.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/insight.thomsonreuters.com.au\/business\/resources\/resource\/2022-federal-budget-report-powered-by-the-weekly-tax-bulletin\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"2022-23 Federal Budget Report: Powered by the Weekly Tax Bulletin\" \/>\n<meta property=\"og:description\" content=\"On Tuesday, 29 March 2022, Treasurer Josh Frydenberg handed down the 2022-23 Federal Budget. 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