Budget 2023 - Insights for Australian businesses

The budget has not provided many surprises this year, with most substantive changes announced before budget night. There has also been limited need to raise new taxes due to the higher tax collections on corporate and individual profits.?Therefore, it has focussed on providing targeted relief to small businesses, seeing a removal of COVID-era concessions combined with tightening up on perceived tax avoidance of multinationals.

Here we highlight some of the key tax measures affecting Australian businesses, which include:

SMALL & MEDIUM BUSINESSES

• Electric car FBT concession
• Aligning superannuation payments with wage payments
• Reducing advance tax (PAYG) and GST instalment payments for small business
• $20,000 Instant Asset Write-off for small businesses
• Bonus 20% deduction for energy transformation expenditures
• Creation of National Net Zero Authority
• ATO support for business tax compliance
• VISA changes for graduates and students

LARGE BUSINESSES & INTERNATIONAL

• Housing – Build-to-rent developments
• Managed Investment Trusts – More concessions available
• “Top-up tax” for large multinationals
• Resources, mining and gas – Rights to deductions tightened and changes to the PRRT
• Expansion to the general anti-avoidance rule

INNOVATION & INCENTIVES

• Innovation initiatives

INDIRECT TAX

• Indirect taxes

If you have any questions as to how this budget impacts you and your business, please contact Bentleys SA on 08 8372 7900. We are here to help you get where you want to be.

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