2022 Budget Client Alerts

The Federal Budget was released this week and these are your important Budget Client Alerts:

Business

• Deduction boosts for small business: skills and training, digital adoption
• PAYG instalments: option to base on financial performance
• More COVID-19 business grants designated NANE income
• PAYG and GST instalment uplift factor

Superannuation

• Employer compulsory super: rate rise unchanged
• Superannuation pension drawdowns

Cost of Living Measures

• One-off $250 cost of living payment
• Temporary reduction in fuel excise

Personal

• COVID-19 test expenses to be deductible
• Personal tax rates unchanged for 2022-2023
• Low income offsets: LMITO temporarily increased, LITO retained
• Medicare levy low-income thresholds increased

Tax Compliance & Integrity

• Digitalising trust income reporting
• Taxable payments data reporting: option to link to BAS cycle

We look forward to bringing you more client alerts soon.

About Munro’s

Munro's | The Professional Problem Solvers

“Problems Solved, Like No One Else”

As trusted confidants and savvy advisors to business owners and investors across Australia, Munro’s is proud to provide innovative solutions that enable growth, as well as being the first port of call when complex issues arise.

Our exceptional accounting and tax services are of great benefit to Munro’s clients, but what is truly unique about Munro’s is our ability to help entrepreneurs make smarter decisions. This is achieved through a process of partnering with business people whereby they obtain access to coaching, tools, information and networks which lead them to success in business and life.

Ultimately, Munro’s does what it takes to help you:

✔ Start, Grow and Exit Million Dollar Plus Businesses;

✔ Legally Minimise Your Taxes; and

✔ Safeguard Your Wealth.

We call this: Experiencing Success.

Whilst our innovative solutions are perfect for all types of businesses, they are particularly useful for:

🔼 Startups (Early Stage Innovation Companies);

🔼 Family Farms;

🔼 Hospitality Operators;

🔼 Property Developers & Landlords;

🔼 Pharmacies; and

🔼 Cryptocurrency / Blockchain enthusiasts.

For social proof of all this, we draw your attention to our many 🌟🌟🌟🌟🌟 (five star) reviews on Google. Thanks to our firm commitment to delivering superb advice, innovative services and 5-star client care, we are proudly a Top 1% ranked Australian Accounting Firm.

Whenever you need help with your tax return, optimum structuring, Seed round, succession planning or specialist advice, you can trust in Munro’s to help you: Experience Success!

Contact Munro's today and let's Experience Success, together.