Budget 2022 for 2022-23 (Labor)

The Albanese government’s budget for 2022-23 was delivered on 25 October 2022 by Federal Treasurer, Dr Jim Chalmers.

This is the second federal budget for the year, the first having been delivered by the former Liberal National Party government in March 2022.

Budget priorities identified by the Treasurer include the government’s longer-term response to cost of living pressures, and the delivery of plans for cheaper child care, cheaper medicines, training people for higher wage opportunities and plans for cleaner and cheaper energy over time.

Direct tax measures in the budget are minor, and mainly reflect a continuation for the the time being of the previous government’s rates and settings.

• no change to personal tax rates 2022-23
• “Stage 3” tax cuts are still scheduled to start from 2024-25
• LMITO not extended to 2022-23
• The Working From Home 80 cents per hour short cut home office expenses method has also expired 30 June 2022

For business taxpayers, an earlier budget proposal to allow an option to self-assess the effective life of intangible assets has been dropped.

The budget was silent on the Instant Asset Write-off and Loss Carry Back provisions which are currently (at the time of writing) in place until 30 June 2023.

Full details of the budget measures are published at budget.gov.au

See also:

• Federal Budget Report October 2022 – BDO
• Australian Federal Budget 2022-2023 – King & Wood Mallesons