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Technology Investment Boost due to end 30 June 2023.
Last year the previous Coalition Government announced a Technology Investment Boost as part of the 2022/23 Federal Budget. The Boost was announced to support eligible small businesses by providing an incentive to invest in their digital capacity.
Fuel tax credit rates have changed.
As announced in the 2022-23 Federal Budget, fuel excise and excise equivalent customs duty (excise) rates for petrol, diesel and all other fuel and petroleum-based products, except aviation fuels, will be halved temporarily for 6 months, from 30 March to 28 September 2022.
Why you should factor in $3 per litre in fuel.
Fuel prices, where do we start? Filling your car up is now costing 40-50% more than it did a month ago. For the everyday consumer this may mean an extra $20-$50 a week, but for business it’s a lot more – for not only running your own vehicles and machinery but also price increases from suppliers. It’s not just fuel that will rise – inflation will see prices rise for everything from your daily coffee to your rent.
Treasurer unveils COVID-19 tests will now be classed a tax deduction.
Treasurer Josh Frydenberg provided a number of updates and announcements, including confirmation the federal government would look to ensure COVID-19 testing expenses are tax deductible when they are purchased for work-related purposes, giving businesses and individuals clarity and assurance.