Newsletter - 2023-2024 Budget
Welcome to the NCS Group client information newsletter, your monthly tax and super update keeping you on top of the issues, news and changes you need to know.
The 2023-24 Federal Budget was handed down on 9th May 2023. It contains changes to business and personal taxation, superannuation, social security entitlements, as well as cost of living relief. Following are some of the headline measures, many of which are subject to enabling legislation.
- Depreciation made less generous
- Small business energy incentive
- Small Business lodgement penalty amnesty
- Crackdown on unpaid tax and superannuation
- Patent box proposals scrapped
- No changes announced to Stage 3 tax cuts
- Low and middle income tax offset (LMITO) not extended
- Extra tax for super earnings for account balances above $3 million confirmation
- No reduction to minimum drawdown for super pensions for 2023/24
- Super Guarantee payable on pay day from 1 July 2026
- NALI changes - proposed multiple reduced
- Boost to Centrelink payments
- Jobseeker increased
- Power bill rebates
- Sole parents
- Rent assistance
Follow the link below to find out more.
/files/NCSGROUP-2023-24-Budget.pdf