How Does The Federal Budget Update Affect Your Salary Packaging Arrangement?

By Author: Eziway
Total Articles: 19
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On Tuesday, 29 March 2022. The Federal Government delivered its comprehensive 2022-23 Budget outlining many measures it intends to take to alleviate the cost of living for Australians.

For individuals that hold a salary packaging arrangement, no measures announced have an impact on your salary packaging or novated leasing arrangements with Eziway. You can continue to package as normal.

Here are some Federal Budget update changes around the cost of living that may be of interest to you:

· Temporary reduction of fuel excise: The Government will reduce the fuel excise by 50% for 6 months. This will see excise on petrol and diesel come down to 22.1 cents/ litre from 44.2 cents/ litre.

· Medicines will become cheaper: Through the Pharmaceutical Benefits Scheme (PBS) the Government is again reducing the Safety Net thresholds giving Australians more access to affordable prescription medicines without the need for large out-of-pocket expenses. The Government is also investing a further $2.4 billion to support access to cost-effective PBS medicines.

· More funding towards Aged Care Support: ...
... The Government is committing a further $468.3 million in support for the aged care sector, building on its commitment in 2021-22.

· One-off cost of living tax offset: From 1 July 2022, eligible individuals earning below $126,000 per annum will receive a one-off $420 cost of living tax offset. Combined with the Low- and Middle-Income Tax Offset (LMITO), eligible low- and middle-income earners will receive up to $1,500 for a single income household or up to $3,000 for a dual-income household.

If you have any questions about your Salary Packaging or Novated Leasing arrangements, please contact your dedicated Client Service Officer on 1800 932 394 or email us at admin@eziway.net.au

For more details visit our website: https://eziway.net.au/