Want the key takeaways in this year’s Federal budget? Then read on! We’ve summarised it simply so you know what’s going on.
The 2023-24 Federal Budget key takeaways are presented below. We’ve added a more info afterwards if you want to know a bit more about what the federal budget is and why it’s important.
Federal budget 2023 key takeaways
| Budget surplus expected | A budget surplus of $4.2 billion is expected for the 2023-24 financial year. |
| Increased bulk-billing incentive | $3.5 billion over 5 years will be used to incentivise general practitioners to bulk-bill more patients. The move encourages GPs to bulk-bill concessionary clients, removing pressure from hospitals and aged care facilities. |
| Small business asset write-off | Businesses with annual turnover less than $10 million can instantly write off assets up to $20,000 for the 2023-24 period. |
| Small business energy incentive | During 2023-24, businesses with an annual turnover less than $50 million can claim a 20% deduction on money spent on electrification and other upgrades that save energy. |
| Household energy upgrade fund | The $1.3 billion Household Energy Upgrade Fund will provide low-interest loans and fund upgrades to social housing that will improve energy performance. |
| Boost to cyber skills | The $23.4 million Cyber Wardens program will help small businesses improve their cyber security. |
| Minimum tax for multinationals | Multinational corporations with turnover of $1.2 billion or higher will be required to pay a 15 per cent minimum global tax and a minimum domestic tax, from January 1, 2024. |
| Superannuation tax | Superannuation earnings above $3 million will be taxed at an additional 15 per cent, commencing July 1, 2025. |
| Changes to super guarantee contributions | Employers will need to pay their employee’s super guarantee the same time as their wages instead of the current quarterly |
| Aged care workers wage increase | $11.3 billion will be allocated to increase wages for aged care workers. The move is in place to help 250,000 aged care workers, including nurses. |
Tell me about the Federal budget
The Australian Federal budget is a comprehensive financial plan that outlines the government’s revenue, expenditure, and economic policies for the upcoming financial year. The Federal budget serves as a roadmap for managing the our countries finances balanced with achieving key socio-economic objectives.
The Federal budget covers various areas, including healthcare, education, infrastructure, defense, and welfare programs. The Federal budget aims to address tax policies and initiatives aimed at boosting economic growth, job creation, and investment.
The government produce a Federal budget document each year reflecting the government’s priorities, addressing the needs and aspirations of the Australian population while ensuring fiscal responsibility and long-term sustainability. The budget is an essential tool for economic management and provides transparency and accountability in the allocation of public resources.
How does the Federal budget impact my tax return?
Each year the federal budget impacts what sort of tax refund we might expect to see at the next tax time. Generally tax offsets, tax levy’s and tax rates are an important part of the Federal budget and often determine how much discretionary cash is in the economy.
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