Federal Budget | May 2023

federal budget | May 2023 PERSONAL TAXATION  Personal tax rates unchanged for 2023–2024 In the Budget, the Government did not announce any personal tax rates changes. The Stage 3 tax changes commence from 1 July 2024, as previously legislated. The 2023–2024 tax rates and income thresholds for residents (unchanged since 2021–2022) are: taxable income up … Continued

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Federal Budget

federal budget | October 2022 PERSONAL TAXATION Personal tax rates unchanged for 2022–2023 In the Budget, the Government did not announce any personal tax rates changes. The Stage 3 tax changes commence from 1 July 2024, as previously legislated. The 2022–2023 tax rates and income thresholds for residents are unchanged from 2021–2022: taxable income up … Continued

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Tax Deductibility of COVID-19 Test Expenses

Individuals & Small Business Tax Deductibility of COVID-19 Test Expenses From 1 July 2021 The Facts:   Work‑related COVID‑19 test expenses incurred by individuals will be made tax deductible. FBT will not be payable by employers if they provide fringe benefits relating to COVID‑19 testing to their employees for work‑related purposes. Effective from 1 July … Continued

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