Australia: 2022-2023 federal budget released

Budget announcements and its implications for various sectors and businesses

Budget announcements and its implications for various sectors and businesses

Australia’s 2022-2023 federal budget was released today, 25 October 2022.

The KPMG member firm in Australia has summarized and analyzed the budget announcements and its implications for various sectors and businesses. In particular, the budget is evaluated in the context of the following topics:

  • Individuals
    • Individual (personal) tax and incomes
    • Gender
    • Migration
    • Jobs and skills
  • Business
    • Business restructuring
    • Business tax
    • International tax and transfer pricing
    • Indirect tax and international trade
    • Tax dispute resolution and controversy
  • Industries and sectors
    • Financial services
    • Superannuation
    • Real estate
    • Agribusiness
    • Enterprise
    • Funding for business innovation and growth
  • Infrastructure and environment
  • Government services
  • Security

The budget includes more detail about the election proposals to limit tax deductions for multinational enterprises and increase tax transparency. The budget also provides additional funding to the Australian Taxation Office (ATO) for compliance activity on individual (personal) tax, business tax and the shadow economy.

Read an October 2022 report prepared by the KPMG member firm in Australia


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