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In a climate characterised by acute cost of living pressures, Treasurer Chalmers’ second budget has put the spotlight on easing the impacts of rising inflation and driving wage growth.
It’s clear the Government is committed to achieving responsible and targeted relief for the Australian community at large, by building a stronger and more sustainable care economy.
A range of measures were announced to provide timely benefits for individuals. From financial relief to cope with the cost of electricity, to higher welfare payments for parents, jobseekers, students and those seeking rental assistance, increases in wages for aged care workers and a record tripling of the Medicare bulk-billing system.
For businesses – large and small, domestic and multi-national - it’s time to expect many more visits from the ATO, as the emphasis is clearly on a compliance push. The benefits to small businesses are relatively immaterial or outweighed by an additional administrative burden, particularly the changes to the instant asset write off scheme and superannuation payment frequency adjustments. For large corporates, certainty has been provided around the 1 January 2024 start date for a 15% minimum tax rate and proposed amendments to the general anti-avoidance rules in Part IVA will pack more of a punch.
Ultimately, what is most evident is that the creation of a sustainable revenue system is still not part of the plan. From our perspective, building a sustainable economy relies on a sustainable revenue system and, at the moment, there is much room for improvement. How can Australia ensure the long-term viability of its tax system without a proactive effort now?
Click to download: Federal Budget 2023 Report
Source: BDO Australia
