Every year at the release of the federal budget the Inspire team get together to work through the night and debrief and break down the budget proposal in our morning meeting with our expert observations and what these changes mean for your business.

See what major measures were proposed and how this could impact your business and what opportunities might this budget present for you in 2022.

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Transport Sector:

Reduction in the fuel excise of 22c/L starting 30/03/22 to allow those operating any vehicles (whether it be for business or pleasure) see relief in their pockets each week. The price reduction is set to take approx. 2 weeks to role out.

Growing Small Businesses:

For every $100 you spend on training or digital revolution within your business you will receive a $120 tax deduction providing relief to assist with business growth and employee development.

Trade Businesses:

As at 1/7/2022 changes will take affect for all new apprentices employed:

1. The Apprentice will receive a $5000 incentive payable over 2 years ($1500 per 6 months)
2. The Employer will receive a $15000 incentive payable over 3 years (1st year = $6000, 2nd year = $6000 and final 3rd year = $3000)

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What a great incentive to get more workers skilled and in full-time employment.

First Home Owners:

The First Home Owner assistance has been extended with more Australians able to apply. 

• First Home Buyers can apply for a home loan with a 5% deposit with the Government taking Guarantee on this loan.
• Single Parents can apply for a home loan with a 2.5% deposit with the Government taking Guarantee on this loan.  

Tourism Operators:

A $60m boost is set to be injected into the Tourism sector to assist businesses to attract International travellers to our shores and boost their business performance.

Low To Medium Income Earners:

An increase to the Low to Middle Income Tax Offset has increased from $1080 per taxpayer to $1500 per taxpayer.  This will reduce any taxes you have to pay at the lodgement of your 2022 tax return by $1500.

Growing Families:

Single Parents can now access the 20 weeks Paid Parental Leave.  All families can choose to split their Paid Parental Leave between the parents however they choose (i.e. one parent can have 10 weeks and then the other parent can take 10 weeks). 

Pensioners and Concession Holders:

A one-off $250 payment will be made to those eligible people on Government pensions and concessions to assist with the increased living and medical costs they are facing.

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Right now is a crucial time to be seeking out your business advisor to set yourself up for success in the coming year especially now the federal budget has been released.

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