25/10/2022
As expected, Treasurer Jim Chalmers has delivered a family-friendly budget with few measures to help SMEs alleviate inflationary pressures, reports IPA's Group Head of Technical Policy, Tony Greco, fresh out of the Federal Budget lock-up.
Measures of interest include more funding to pursue personal tax compliance, unregistered preparers, and fund TAFE courses to help reskill and upskill the existing workforce.
Over the next two years, $15.1 million will be given to the small business debt helpline and access to the mental well-being program for small business owners. $62.6M has been allocated to support SME energy efficiency efforts.
Tax measures of interest include:
1 Extra money to the ATO for personal income tax compliance, such as overclaiming deductions and incorrect reporting of income
2 ATO Tax avoidance taskforce will receive boosted funding for its ongoing focus on multinationals and large public and private businesses, which is expected to raise $1B over four years
3 - Aligning the tax treatment of off-market share buybacks undertaken by listed public companies with the treatment of on-market share buy-backs.
4 - Multinationals
A Thin capitalisation - changes to the rules that limit debt deductions
B Denying deductions for payments relating to intangibles held in low-or no-tax jurisdictions
C Introduce enhanced reporting to improve tax transparency
For our official Budget coverage, check out the special edition of Technical Advantage hitting your inboxes at 10:30 tonight.
What do you think of today's budget? Share your thoughts below.
