Two items were unmentioned in the 2023 Federal Budget. It appears the Temporary Full Expensing and Loss Carry Back rules will expire on 30 June 2023. The former allowed most businesses in Australia to immediately deduct the cost of new assets up to $150,000 and the latter allowed current year losses to be deducted against prior year profits. If you have any questions about how you can utilise these stimulus measures before they disappear, please send an email to info@vatcpa.com.au
And for the list of what was actually in the 2023 Federal Budget, click here.