With a Federal Election due in the next 8 weeks, the Morrison Government has just made its bid for re-election with the following headline announcements in its Federal Budget released on Tuesday 29 March 2022:
- – Petrol tax slashed by 22 cents per litre for 6 months from Budget night.
- – 10 million low and middle-income earners will receive a once-off bonus tax rebate of $420 – giving a total of $1,500 to eligible individuals after they lodge their 2022 Tax Return.
- – A $250 one off payment to six million pensioners and welfare recipients.
There were no changes announced to tax rates or superannuation laws, which was very much welcomed.
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If you have any questions regarding the 2022 Federal Budget, get in contact with our friendly team at reception@rubiix.com.au