Federal Budget 2023-24 Summary

The ‘ace in the hole’ of the 2023-24 Federal Budget was the $4.2bn surplus; the first in 15 years driven by a surge in the corporate and individual tax take.

Key measures include:

• Energy bill relief for some households and small business
• Encouraging doctors to offer bulk billing by tripling the incentive for children under 16, pensioners and other Commonwealth card holders
• Increases to commonwealth rent assistance
• Increases to JobKeeper and other income support payments
• Expanding access to the single parenting payment
• For small business, the $20k instant asset write off is back.

But there is a lot not in the Budget - loss carry back, temporary full expensing, Division 7A, any mention of the technology investment boost and skills and training boost.

There is also a lot of money for the ATO and treasury for compliance measures.

Read more here.