Budget 2022-23

With the release of the Federal Budget last night, it’s been reported Australians will see a clearer way forward to navigate through the coming financial year. This is a critical Budget for many reasons. It’s an election budget, it’s coming off the back of a pandemic and a series of extreme emergency events, and it addresses the uncertainty pertaining to the Russian-Ukraine war, which has seen a spike in inflation and record petrol prices.

Key initiatives include:

  • A 6-month, 50% reduction in fuel excise with effect from midnight Budget night
  • A $420 cost of living tax offset for low- and middle-income earners from 1 July 2022
  • A one-off $250 economic support payment to some social security payment recipients
  • For small businesses, a $120 tax deduction for every $100 spent on training employees and digital adoption

 

For SMEs:

Measures announced for SMEs focus on using technology and real-time data to lower compliance costs, ways to improve transparency, and approaches to match tax payments to financial performance.

  • Lowering tax instalments in 2022-23 – GDP uplift rate set to 2% (instead of the statutory 10% rate that would have applied) for PAYG and GST instalments.
  • Expanding access to employee share schemes – updated rules to expand access to schemes so that employees at all levels can directly share in the growth of the business.
  • Automating tax reporting and aligning instalment payments to financial performance – aligning tax reporting and instalment payment obligations to financial performance using automated tax reporting systems. New systems to implement this measure are expected to be in place by 31 December 2023 for implementation by 1 January 2024.
  • Payroll data sharing between Federal, State and Territory Governments – sharing of single touch payroll data by late 2023.
  • Option to report Taxable payments data at the same time as activity statements. New systems are expected to be in place by 31 December 2023, for implementation by 1 January 2024.
  • All trusts to have the option to lodge income tax returns electronically. New systems are expected to be in place by 1 July 2024.
  • Quarterly lodgement and payment of excise and excise equivalent customs duty for manufacturers, importers and distributors in the alcohol and fuel sectors with an annual turnover of less than $50 million from 1 July 2023.

 

For more information, click here to download the detailed Budget Guide.

Should you require any additional assistance please don’t hesitate to contact us.



LIMITED-TIME OFFER – GET $100 OFF ON BASIC PACKAGE TODAY!*

You’ve chosen TAXOPIA LITE, a self-lodgment service. Please be aware that tax offices are starting to phase-out DIY paper lodgments and are encouraging the transition to digital.

Don’t be the last one to enjoy hassle-free digital lodgments. Upgrade to TAXOPIA BASIC PACKAGE today with a special limited-time $100 discount* and enjoy the benefits of having our accountants lodge for you.

As a bonus benefit for working with us, you get a lodgment deadline extension period to avoid penalties.

*The discount only applies to lodgments for one financial year. For clients requiring lodgment for multiple financial years, the discount applies only on the first year. all succeeding tax returns after that will be at regular price.

For the LITE Package: Please note that is a self lodgment service and does not include electronic lodgment by Taxopia. One of our qualified accountants will prepare your tax return, but it is your responsibility to print, sign & post to ATO to lodge.

GET $100 OFF ON BASIC PACKAGE

Continue With Lite Package

You’ve chosen the Taxopia Lite Package…

TAXOPIA LITE is a self-lodgement service. Please be aware that for majority of tax payers, the due date for self-lodged returns is 31st of October.

If you’re self-lodging overdue tax returns, it may put you at risk of incurring penalties from the ATO. We recommend you upgrade to TAXOPIA BASIC PACKAGE and enjoy the benefits of having our accountants lodge for you and get a lodgement deadline extension period to avoid penalties.

For the LITE Package: Please note that is a self lodgement service and does not include electronic lodgement by Taxopia. One of our qualified accountants will prepare your tax return, but it is your responsibility to print, sign & post to ATO to lodge.

GET STARTED WITH THE BASIC PACKAGE

Continue With Lite Package

Need a fast turnaround?*

If you require your taxes to be completed faster, we have a premium Fast Lane option available for this package which puts your request at the front of the queue of our workflow. 

*Excludes public holidays, weekends and office closure dates.

Need a fast turnaround?*

Taxopia’s standard turnaround for this Lite package is three business days. If you require your taxes to be completed faster, we have a premium Fast Lane option available. With this option, pay $220+ GST to get your taxes done within one business day!

*Excludes public holidays, weekends and office closure dates.

A friendly reminder…

Please note that is a self lodgement service and does not include electronic lodgement by Taxopia. One of our qualified accountants will prepare your tax return, but it is your responsibility to print, sign & post to ATO to lodge.

If this option suits your needs, please click below to get started.

Yes, let’s go!

You’ve chosen the Taxopia Lite Package…

Please note that is a self lodgement service and does not include electronic lodgement by Taxopia. One of our qualified accountants will prepare your tax return, but it is your responsibility to print, sign & post to ATO to lodge.

If this option suits your needs, please click below to get started.

Get started now!

* Sole Trader Package pricing conditions, please take note the pricing excludes the following items; however, these services can be provided for an additional cost.

If any of these exclusions apply to your businesses, please contact us, and we would be happy to provide you with a customised quote.

Get started now!

* Premium Package pricing conditions ($1200+ GST):

Please note that ALL our plans exclude the following:

If any of these exclusions apply to your businesses, please contact us, and we would be happy to provide you with a customised quote for any additional work.

Get started now!

* Standard Package pricing conditions ($800+ GST):

Please note that ALL our plans exclude the following:

If any of these exclusions apply to your businesses, please contact us, and we would be happy to provide you with a customised quote for any additional work.

Get started now!

* Basic Package pricing conditions: ($400+ GST):

If you do not qualify for this option, you will need to consider our Standard Package ($800+ GST).

Please note that ALL our plans exclude the following:

Please contact us for a customised quote if you require help on any of the excluded items.

Get started now!

Company or Trust Tax Return for Accountants & Bookkeepers

* BASIC PLAN ($400+ GST) CONDITIONS:

* STANDARD PLAN ($800+ GST) CONDITIONS:

Please note that ALL our plans exclude the following:

If any of these exclusions apply to your businesses, please contact us, and we would be happy to provide you with a customised quote for any additional work.

Get started now!

* Premium Package pricing conditions ($1200+ GST):

Please note that ALL our plans exclude the following:

If any of these exclusions apply to your businesses, please contact us, and we would be happy to provide you with a customised quote for any additional work.

Get started now!

* Standard Package pricing conditions ($800+ GST):

Please note that ALL our plans exclude the following:

If any of these exclusions apply to your businesses, please contact us, and we would be happy to provide you with a customised quote for any additional work.

Get started now!

* Basic Package pricing conditions: ($400+ GST):

If you do not qualify for this option, you will need to consider our Standard Package ($800+ GST).

Please note that ALL our plans exclude the following:

Please contact us for a customised quote if you require help on any of the excluded items.

Get started now!

Enquire Now

Fill out the form below and we will get back to you as soon as we can.