Earlier this evening, the Treasurer, Jim Chalmers handed down the Australian Government’s 2023-24 Federal Budget.
It’s quite clear that it isn’t an election year, and while the Treasurer announced a package of cost of living measures, we believe there are very few measures that will actually mean a relief from cost of living pressures for many Australian families.
The ATO is a clear winner of the Budget, receiving further funding to collect more revenue. Across two measures alone, the ATO will receive an additional $678.4 million in funding, which is expected to raise $8.165 billion. Specific funding has been provided to the ATO to conduct more Tax Audits, specifically targetting GST and Personal Income Tax Returns.
The 2023-24 Budget did not announce any extension of the low and middle income tax offset (LMITO) beyond the 2021-22 income year. Last night’s Budget provided proof that the LMITO has now ceased. As a result, low-to-middle income earners may see their tax refunds from July 2023 reduced by between $675 and $1,500.
For a full run down of the 2023-24 Federal Budget, you can either read or download the summary below.
Got Questions?
If you have any questions about tonight’s budget, or would like to discuss some of the specific measures, please don’t hesitate to get in touch.
