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The election and the Federal Budget

James Morris
Published by:
James Morris
Published on:
May 31, 2022
Modoras Accounting (QLD) Pty Ltd ABN 81 601 145 215
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.

IMPORTANT INFORMATION: This blog has been prepared by Modoras Accounting (QLD) Pty. Ltd. ABN 81 601 145 215. The information and opinions contained in this blog is general information only and is not intended to represent specific personal advice (Accounting, taxation, financial, insurance or credit). No individuals’ personal circumstances have been taken into consideration for the preparation of this material. The information and opinions herein do not constitute any recommendation to purchase, sell or hold any particular financial product. Modoras Accounting (QLD) Pty. Ltd. recommends that no financial product or financial service be acquired or disposed of or financial strategy adopted without you first obtaining professional personal financial advice suitable and appropriate to your own personal needs, objectives, goals and circumstances. Information, forecasts and opinions contained in this blog can change without notice. Modoras Accounting (QLD) Pty. Ltd. does not guarantee the accuracy of the information at any particular time. Although care has been exercised in compiling the information contained within, Modoras Accounting (QLD) Pty. Ltd. does not warrant that the articles within are free from errors, inaccuracies or omissions. To the extent permissible by law, neither Modoras Accounting (QLD) Pty. Ltd. nor its employees, representatives or agents (including associated and affiliated companies) accept liability for loss or damages incurred as a result of a person acting in reliance of this publication. Liability limited by a scheme approved under Professional Standards Legislation.

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