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The Federal Treasurer, Dr Jim Chalmers, handed down the Labor government's first Federal Budget on 25 October 2022. Here are the key highlights of the tax and accounting measures announced.
Businesses
Individuals
Rate | 2022-23 to 2023-24 | from 1 July 2022 (unchanged) |
Nil | $0 - $18,200 | $0 - $18,200 |
19% | $18,201 - $45,000 | $18,201 - $45,000 |
30% | NA | $45,001 - $200,000 |
32.5% | $45,001 - $120,000 | NA |
37% | $120,001 - $180,000 | NA |
45% | $180,001 + | $200,001 + |
Low and middle income tax offset | NA | NA |
Low income tax offset | Up to $700 | Up to $700 |
Superannuation
If you would like to know more information about any of these measures, please do not hesitate to contact our office.
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Providing carefully tailored accounting solutions in business advisory, tax compliance, bookkeeping, Self-Managed Super funds, and more.
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