The 2022-23 Federal Budget is focused on “Australia’s plan for a stronger future”. There is a strong focus on cost of living, national security and infrastructure. Some of the business incentives that have been made available during COVID-19, such as the instant asset write off/temporary expensing have not been extended beyond 30 June 2023.
Support aimed at small business has been limited to those with a turnover of less than $50 million. Details on the new apprenticeship scheme can be found on the Department of Education, Skills and Employment website.
Our public response to the Budget is available in the AADA Media Release issued last night.
Initiatives such as a 50 per cent cut to fuel excise for six months and increase of the low- and middle income tax offset should have a positive flow on effect for new car Dealers.
We have prepared the attached 2022-23 Budget Briefing paper for members which provides a summary and brief explanation of the measures that are relevant.
Further details are also available on the Government’s Budget website.
Dealers are advised to contact their accountants to provide detail on how the Budget will affect them and what parts of it they may be eligible for.
