Petrol, Super, and Cost of Living payments – What changes to the budget might affect you?

There have been a range of measures from the 2022-23 budget that could affect you, whether you are shocked at the price of fuel these days or if you are curious about changes to your super.

Here are some of the other changes from the budget that might allow you to access benefits for your situation:

  • A $250 cost of living payment will be made to eligible recipients, including people receiving government payments, and many concession cardholders.
  • For 6 months starting 30 March 2022, the government will halve the amount of tax applied to petrol and fuel products. This is aimed to reduce petrol prices by 22c per Litre.
  • The 50% reduction of superannuation minimum drawdown requirements has been extended for the 2022-2023 financial year. This will allow you to withdraw less super to meet the minimum pension requirement.
  • All trust return filers will have the option to lodge tax returns electronically, estimated from 1 July 2024. This will allow trust tax returns to be more automated.
  • Employee share schemes have been expanded, increasing the amount that can be invested by the participants. Some requirements have been simplified to allow more people to take part in the share schemes.

Want to know more?

If you’d like to learn more about the Federal Budget for 2022-2023, you can check out the 2022-23 Budget website.

If you’d like to know more about how these changes may apply to you, or if you need help accessing the benefits available for you, please contact us!