Last week, the Australian Government released the 2022 Federal Budget.
See below for how some of the budget measures relate to the South Australian small business community.
Visit budget.gov.au for more detailed information.
With cost deductions available for external training delivered by a registered provider:
- Businesses with annual turnover of less than $50 million will be able to deduct 20 per cent of expenditure incurred on external training courses
- Through the Technology Investment Boost, businesses can also deduct a bonus 20 per cent of the cost of business expenses and depreciating assets that support digital uptake. Eligible expenditure includes items such as portable payment devices, cyber security systems and subscriptions to cloud-based services.
- An extension of Boosting Apprenticeship Commencements and Completing Apprenticeship Commencements wage subsidies for three months, after which a new Australian Apprentices Incentives System will be introduced. From 1 July 2022, the Australian Apprenticeships Incentive System will provide wage subsidies for employers in priority occupations and hiring incentives for employers in non-priority occupations
- Apprentices and trainees in priority occupations will receive a direct payment of up to $5,000 over two years to assist with the cost of undertaking an apprenticeship.
The 10% GDP uplift rate that applies to PAYG and GST instalments will be reduced to 2% for the 2022-23 financial year, subject to the legislation being passed in parliament.
- The excise and excise equivalent customs duty rate that applies to petrol and diesel has been halved to 22.1 cents per litre for six months from 30 March 2022
- Fuel and alcohol businesses can also anticipate a more streamlined administration of the fuel and alcohol excise
- From July 2023, businesses with a turnover of less than $50 million can lodge and pay excise and excise-equivalent customs duty quarterly, aligning timing with other indirect taxes and the business activity statement (BAS)
- Other changes to the excise administration include removing the need for annual renewals, removing licensing fees, and a targeted excise exemption for some licensed hospitality venues.