14/06/2023
"Budget 2023-2024"
👉🏼 What it Means for Business.
On Tuesday, 9th May 2023, Treasurer Jim Chalmers handed down the 2023-24 Federal Budget, his second Budget, which follows the October 2022 Budget. The budget was aimed at addressing challenging times including higher interest rates, inflation, and cost of living pressures.
A stronger than expected Australian economy has driven a surge in tax revenue. Bringing favourable commodity prices, a strong labour market and higher migration. The treasurer announced a package of cost-of-living measures, designed to provide relief without adding inflationary pressures to avoid making the Reserve Bank’s job even harder. Access to the Parenting Payment (Single) will also be extended along with increased payments for Jobseeker, Youth Allowance and rent assistance. Small businesses will also benefit from a temporary increase in the instant asset write-off threshold to $20,000 for 2023-24.
🖥 Read the whole article here: https://www.evolveonlinebookkeeping.com.au/budget-2023-2024-what-it-means-for-business
