News and Announcements

30 March 2022
Federal Budget 2022/23: useful things to know 

The Morrison Government presented its pre-election budget with no changes to the salary packaging benefits that employers and their employees can receive.  

However, there were two areas that may be of interest for some employers and their employees, and we’ve summarised those for you here. 

Fuel excise reduction 

As widely reported, the Government has provided a $0.22 per litre reduction in the fuel excise for six months, effective from 30 March 2022. Fuel excise currently contributes $0.44 a litre to the cost of fuel. 

This will provide relief for all car owners and drivers, including novated lease and fleet customers, alleviating running costs for motor vehicles.

Low and middle-income tax offset to be extended 

Individuals earning less than $126,000 p.a. will receive a one-off $420 cost of living tax offset when they lodge their tax returns for the 2021/22 financial year. Combined with the Low and Middle-Income Tax Offset (LITMO), eligible single income households will receive up to $1,500, while dual-income households will receive up to $3,000.  

Need to know more?  

If you have questions about salary packaging and the benefits offered to employees, get in touch with us.