The Morrison Government has made some early announcements ahead of tomorrow’s budget.
 
These include the following measures that will impact small business:

• Cuts to fuel excise tax, which will lower the cost of fuel.
• Lowering Tax Instalments for the 2022-23 financial year.
• Automating tax reporting and aligning instalment payments to financial performance. 
• Facilitating pre-filling of payroll tax returns through data sharing (with the states).
• Option to report Taxable Payments data at the same time as activity statements (replacing Taxable Payment Annual Report TPAR).
• Quarterly lodgement and payment of excise and excise equivalent customs duty for manufacturers, importers and distributors in the alcohol and fuel sectors.

 
Remember, any announcements made in the budget still need to be passed as law. We must also remember that given it’s an election year and the government will need to be re-elected for any of these measures to be introduced.

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Keep an eye out for our 2022 Budget Summary later this week.