The Treasurer delivered the Federal Budget on Tuesday 25 October 2022

Please find below a summary of the key measures:

  • Childcare subsidy increase
  • Added flexibility and an expansion of Paid Parental Leave
  • Aged care reforms
  • Change to the taxation of off-market share buy-back by listed companies
  • The scrapping of the initiative to self-assess the effective life of intangible assets
  • Scrapping of the announced but not legislated 3 year audit cycle for SMSFs
  • Energy grants for SMEs (but no detail yet)
  • Tightening of the thin cap rules and the denial of deductions for intangible assets between related parties in certain circumstances
  • More cash to the ATO to pursue personal income tax non-compliance and multi-nationals
  • More funding for the Tax Practitioners board to pursue dodgy tax agents