The Federal Treasurer, Dr Jim Chalmers, handed down the Federal Budget 2023-24 at 7:30 pm (AEST) on 9 May 2023.
The Budget forecasts the underlying cash balance to be in surplus by $4.2 billion in 2022-23, the first surplus since 2007-08, followed by a forecast deficit of $13.9 billion in 2023-24.
A range of measures provide cost-of-living relief to individuals such as increased and expanded JobSeeker payments and better access to affordable housing. No changes were announced to the Stage 3 personal income Tax cuts legislated to commence in 2023-24.
As part of the measures introduced for small business, a temporary $20,000 threshold for the small business instant asset write-off will apply for one year, following the end of the temporary full expensing rules.
Several Tax measures of the former Coalition government have also been amended or dropped, including the patent box Tax incentive measures.
Read our analysis of the Federal Budget 2023-24 below.
