Below are Federal Budget highlights for business owners and individuals. For further details, please click the button below to download our May 2023 Federal Budget Summary document.

For Business

  • $20,000 instant asset write-off for 2023-24
  • Additional deductions for small business for electrification and energy efficiency
  • FBT exemption for eligible plug-in hybrid EVs ends 1 April 2025
  • Accelerated deductions and reduced MIT withholding tax for build-to-rent projects & clean building MIT withholding tax concession extended
  • Increased Location Offset rebate to boost Australian film industry

For individuals

  • $40 per fortnight Income Support payment increase
  • JobSeeker higher rate payment age reduced to 55 years
  • 6 month extension for working pensioners without impacting their pension payments
  • Improved support for single parent with a youngest child under 14 years
  • Housing measures to increase support for social and affordable housing and improve access for home buyers
  • Increased Commonwealth Rent Assistance (CRA)
  • CPI indexed Medicare levy low-income threshold amounts for singles, families, and seniors and pensioners
  • Eligible lump sum payments in arrears will be exempt from the Medicare levy from 1 July 2024

Superannuation 

  • Reduced tax concessions for superannuation balances over $3M
  • Employers will be required to pay their employees’ superannuation guarantee entitlements on the pay day
  • The non-arm’s length income (NALI) provisions will be amended to provide greater certainty to taxpayers

Download our Australian Federal Budget May 2023 Tax and Accounting Overview

To discuss any of these matters, please contact Rosenfeld Kant on (02) 9375 1200.

* Please note that this report contains proposals which have not yet been legislated, and so should be viewed in that context. We recommend you seek advice and do not take any specific action until the Government provides greater detail and certainty.