Federal Budget 2022-23: “Cost of Living” Bills introduced and passed by Parliament.
The Treasury Laws Amendment (Cost of Living Support and Other Measures) Bill 2022, the Excise Tariff Amendment (Cost of Living Support) Bill 2022 and the Customs Tariff Amendment (Cost of Living Support) Bill 2022 have been introduced and passed by Parliament.
Among other things, these Bills will increase relevant Medicare levy low-income thresholds for individuals and families in line with movements in the CPI; allowing an income tax deduction for taxpayers who incur relevant COVID-19 testing expenses in gaining or producing their assessable income (for expenses incurred on or after July 1 2021).
It also makes it easier for businesses to create employee share schemes that meet particular requirements (with effect from six months after Royal Assent to the Bill); reduce the GDP adjustment factor for the 2022-23 income year to 2 per cent for working out the amount of PAYG and GST instalments payable by a taxpayer in certain circumstances (with effect for instalment quarters that fall due for the 2022-23 income year); increase the low and middle income tax offset for the 2021-22 income year by $420; provides a “cost of living payment” of $250 to various social support and other recipients (with effect after the Bill receives Royal Assent); temporarily reduce the excise duty rates and excise-equivalent customs duty rates for fuels, including petrol and diesel and similar petroleum-based products, including oils and grease (with effect from March 30 2022).
For more information on the new bills visit www.aph.gov.au