Contact MGI Parkinson to talk about what you need and how we can help.



Our Offices


Level 1, 322 Hay Street
Western Australia 6008

PO BOX 1310
Western Australia 6904

PH: (08) 9388 9744

Fax: (08) 9388 9755


Read our recap of the budget in full detail here.

Treasurer Josh Frydenberg delivered the 2022-23 Federal Budget on 29 March 2022. Whilst there are still clouds of uncertainty, both globally and locally, this year’s budget moves on from the emergency response of the last two federal budgets, as the government now looks forward to rebuilding the economy.

The budget offers limited reforms or change for business, and despite the looming election, it is certainly not a big-spending cash-splash, though there are some modest sweeteners with one-off payments and tax offsets for a large number of voters.

Small and medium-sized businesses will enjoy a 120% deduction on eligible expenditure to encourage investment in technology, skills and training.

Key proposals for SME and private clients include:

SMEs and Employers

  • Temporary Full Expensing will end on 30 June 2023 – no further extension
  • Skills and Training Boost – 120% deduction for eligible expenditure
  • Technology Investment Boost – 120% deduction for eligible expenditure
  • Expanding access to employee share schemes

Private Clients

  • One-off $420 cost of living tax offset – increasing the LMITO to $1,500 for individuals
  • LMITO cancelled moving forward – not available in FY23
  • One-off $250 cost of living payment to pensioners
  • Superannuation minimum drawdown – 50% reduction extended to 30 June 2023

Other Snapshots

  • Overhaul of the PAYG Instalment system
  • Temporary 50% cut to the fuel excise – for 6 months from 30 March 2022
  • Carbon farming income to be treated as primary production income
  • Expansion of the Patent Box innovation concessions
  • Apprentice wage subsidy extended
  • $9.9B investment in cybersecurity capabilities
  • Funding for insolvency reform

If you have any queries in relation to the above, please contact our office on 08 9388 9744.