In terms of tax announcements, as is the nature of recent Budgets, most of the important measures had been leaked prior to budget night. These included a significant change to the taxing of superfund member balances greater than $3m. There was some limited support for small businesses, with the announcement that the instant asset write off would remain available from 1 July 2023 albeit at a reduced threshold of $20,000. A significant amount of cost of living measures were also announced.

What was not announced on the night was any removal of the hotly debated Stage 3 tax cuts introduced by the previous government – these appear to be safe for now.

As always, in our increasingly fast paced global economy, economic forecasts and predictions can change rapidly. We can only hold our government accountable for sensible and forward-thinking economic management.

May this Budget commended to the House tonight see us through these interesting times.

We proudly present the SIP Federal Budget summary and what it means for private groups and family businesses.

With many more details inside, we proudly present our federal budget summary and what it means for private groups and family businesses.