Gain a better understanding of what the announcements mean for you, your business, and your clients with this handy breakdown of the key points raised by the 2022–23 Federal Budget, from our in-house tax experts.
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‘I think the Budget will be mainly focussed on explaining the scale of the challenges we face and really setting the stage for more substantive measures next year in the regular Budget in April. Right at the moment the critical challenge is going to be getting skilled migration going again and getting the skills into Australia that we need to drive our economy. It’s not a question of taking jobs from Australians – Australians are being denied employment opportunities because their employers cannot acquire the skills they need to advance their projects.’
Karen Payne, CTA
Inspector-General of Taxation and Taxation Ombudsman
'There's a long list of policy ideas, and I'm sure everybody has their own wish list of what they would like to see enacted as a matter of tax policy. But I also think that it's important to pause and reflect and make sure that the system that we have got is working effectively and appropriately and fairly, obviously, I'm the Ombudsman. So one of the things I'd like to see is some consideration of whether or not the provisions within the tax act are working appropriately. And that we've got the right governance and that we've got the right powers, functions and resources for the appropriate administration of the system.'
Australia's best tax practitioners
We spoke to the winners of the Tax Adviser of the Year Awards for the inside scoop on their predictions - and hopes - for the Federal Budget.
In the lead up to the Updated Federal Budget announcement, our pre-budget submission outlines the key issues related to the Australian tax, transfer and superannuation systems that should be prioritised by the Government.