The Federal Budget papers contained the the tax rates for resident, non-resident, and working holiday makers, in the coming 2022-23 year and subsequent years (without flagging any reversal of the currently legislated ‘Stage 3’ tax cuts – which deliver a 30% tax rate from $45k to $200k of income. At the same time, the Government…
On Tuesday 8 May 2023, the Federal Treasurer brought down the Government’s budget for the 2023-24 financial year, which included a number of tax and superannuation related announcements and macro-economic data and forecasts. Macro-economic overview A Budget surplus of $4.2bn is forecast in 2022-23, but an underlying cash deficit of $13.9bn is expected in 2023-24…
In their weekly email: TaxVine [16, 12.5.23], The Tax Institute announced their Federal Budget Report and provided a shorter summary. The Budget contained a greater number of measures compared with the budgets of recent years. However, most of these measures are limited in their scope and commonly lack the level of detail needed to better understand their impact…
T a x T e c h n i c a l – M o n t h l y N e w s – May 2023 Edition – ‘Tax Developments’ for tax practitioners by a tax practitioner. Compiled by F John Morgan A member of the Victorian Bar (www.FJMtax.com) Table of Contents ______________________________________________________________________________ COMPILING…