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Federal Budget

Federal Budget 2023-24

Your hub for all things Federal Budget. Get the latest updates from our in-house tax experts.

Report

Penned by our tax experts, the report analyses key tax measures you need to know about.

Access the report

Member webinars | 10 & 11 May

Reflections Panel + Insights and Analysis webinars

Join our experts as they unpack the key measures announced in the Federal Budget, explore the most important issues and opportunities, provide practical insights and consider how the Budget impacts you, your practice and your clients.

Two member webinars tell you all you'll need to know to confidently tackle changes from the Budget, plus, get the answers you need in a live Q&A.

Support for small businesses

Three key measures for small business:

The instant asset write-off threshold will be temporarily increased to $20,000 from 1 July 2023 to 30 June 2024.
Businesses under $50 million turnover will be able to deduct an additional 20% of the cost of eligible depreciating assets that support electrification and more efficient energy use.
PAYG and GST instalments payable by small businesses for the 2023–24 income year will be uplifted by 6% instead of 12%.

Membership

Become a member of The Tax Institute today and stay up-to-date with the latest developments in tax.

Join our community and access exclusive member-only resources with insights and thought leadership you won't find anywhere else.

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Federal Budget 23-24 Pre-budget Submmission

Media release

‘It’s not unexpected that tax has taken a backseat in this Federal Budget and the tax measures that were announced are light on detail – as they traditionally are. However, the near future provides the platform for mature discussions on tax reform. The Treasurer acknowledged that ‘there are genuine structural challenges facing us into the future’. Economic progress won’t be sustainable without substantial tax reform.'

- Scott Treatt, CTA
General Manager, Tax Policy and Advocacy

'... support a sustainable, growing Australia into the future.'

In the upcoming Federal Budget, one of our priorities should be to embark on a real plan for tax reform. The stage is set – now it’s time to call action.

The Tax Institute has been called on to inform many discussions around tax reform in recent months, adding our technical knowledge to the conversation. We’re hopeful that this Budget announcement will open the door to further progress.

'... the law amended consistent with previous announcements ...'

It’s imperative to Australia’s growth that inbound investing entities have certainty of their tax residency. Failing to provide this may disincentivise foreign investment, limiting job opportunities and the growth of the Australian economy.

The Federal Budget is an opportunity to address this uncertainty, as has previously been announced, and set us on a path to growth and future prosperity.

'... a perfect opportunity to address this issue.'

Many Australians now work from home at least part-time, which can change how they do their taxes. We support a fixed rate deduction method that makes tax time easier to handle, however, that should never infringe on a taxpayer’s rights.

The fixed rate of 67 cents per hour for work from home tax deductions may be administratively accepted – but until it is set in tax law, taxpayers remain vulnerable.

In the upcoming Federal Budget, we should enable the ATO to legislate a fixed rate, leading to a better tax policy outcome and more certainty for taxpayers.

The Federal Budget is fundamental for establishing the current and future economic direction of Australia and its wider community. Its importance cannot be understated.

We urge the Government to lead discussion and act on our recommendations with the longer-term objective to achieve efficiency, simplicity and equity in our tax, transfer and superannuation systems.

Meet our Tax Policy & Advocacy experts

Scott Treatt, CTA

General Manager, Tax Policy and Advocacy

Robyn Jacobson, CTA

Senior Advocate

Julie Abdalla, FTI

Senior Tax Counsel

Abhishek Shekhawat, ATI

Associate

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Federal Budget 2023-24

Get the Federal Budget 2023-24 Report

Reflections Panel + Insights and Analysis webinars

Superannuation changes

Support for small businesses

Want access to exclusive Federal Budget resources?

Cost of living measures welcome, light on tax measures

'The Federal Budget is fundamental for establishing the current and future economic direction of Australia and its wider community.'

What do you want to see in the Federal Budget 2023-24?

'... support a sustainable, growing Australia into the future.'

'... make a difference to people’s lives ...'

'... the law amended consistent with previous announcements ...'

'... a perfect opportunity to address this issue.'

Pre-budget submission

Previous Federal Budget materials

Updated Federal Budget 2022-23 Report

Federal Budget 2023-24 Report

Federal Budget 2022-23 Report