This year’s Federal Budget covers a range of measures aiming to reduce the pressure from increased costs of living and help more people into homes.
2022 Federal Budget Summary
- Increase to the low and middle income tax offset (LMITO), providing an additional $420 to reduce tax payable for eligible taxpayers in the 2021/22 financial year.
- Halving of the fuel excise. For six months from 12:01am 30 March 2022, the excise on fuel and petroleum-based products will be halved.
- Continuation of the reduced minimum pension drawdown. The budget proposes to extend the minimum amount that needs to be drawn from account-based income streams to the 2022/23 financial year.
Social security and aged care
- Eligible social security recipients resident in Australia will receive a one-off $250 payment in April 2022.
- Parental leave pay is proposed to be combined with Dad and Partner Pay resulting in a single scheme of up to 20 weeks leave which can be shared between parents as they see fit.
- Lowering the Pharmaceutical Benefits Scheme (PBS) thresholds. From 1 July 2022, the thresholds will reduce from $326.40 to $244.80 for concessional patients and from $1,542.10 to $1,457.10 for general patients.
- Expansion of the First Home Loan Deposit Scheme and Family Home Guarantee schemes, from 10,000 places per year to 50,000 places per year. The schemes allow eligible individuals to purchase a home with as little as a 2% deposit, without the need for lenders mortgage insurance (LMI).
- The Government has proposed to allow a deduction of 120% of eligible costs incurred in training staff in small businesses.
- Small businesses may be eligible to deduct up to 120% of eligible business costs which support the business adopting digital technologies.
- The Government has proposed an additional 15,000 places in their JobTrainer program, which provides free or subsidised vocational training in select industries such as aged care and disability support.
Read and view First Principles’ summary below and find out what the 2022 Federal Budget means for you:
Budget 2022: Facts sheets
We have included the most relevant facts sheets here for your convenience.
Please see the links below to access these Fact Sheets:
- 2022 Budget Essentials
- Fuel Excise Reduction
- Jobs and Economy
- Keeping Australians Safe
- Strengthening Our Regions
Note: Other Fact Sheets are available via the Budget 2022-23 website. We have selected those above as most likely to have relevance.
For further, In-depth Information