The election and the Federal Budget

The outcome of the Federal election leaves some question marks over certain tax measures that were announced in the recent 2022-23 Federal Budget, including the:

• skills and training boost for small business
• technology investment boost for small businesses and
• proposed expansion of the patent box system.

It is important for practitioners to remember that no legislation has been passed in relation to these measures and it isn’t yet clear whether these measures will become law. We are still waiting on confirmation of whether the Australian Labor Party will proceed with these measures.

The new Treasurer, the Hon Jim Chalmers MP, has indicated that an updated Budget for the 2022-23 year will be provided in October 2022. Hopefully, we will receive some clarity on the measures referred to above before October.

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