The more relevant goodies (without the detail)
At a high level, this budget contained a range of very specific measures targeting taxation, superannuation, housing and social security but no wholesale tweaking or reforms that really enter conversations on wealth creation and retirement funding strategies. The following summary is not complete and focusses only on the specific taxation, superannuation and social security measures. Some of the following announcements are described in more detail further on in this report.

Low- and Middle-Income Tax Offset (LMITO) is no more
The LMITO increased by $420 for the 2021-22 income year so that eligible individuals (with taxable incomes below $126,000) received a maximum LMITO up to $1,500 for 2021-22 (instead of $1,080).
Low Income Tax Offset (LITO) for 2022-23 – unchanged
The low-income tax offset (LITO) will continue to apply for the 2021-22 and 2022-23 income years. The LITO was intended to replace the former low income and low- and middle-income tax offsets from 2022-23, but the new LITO was brought forward in the 2020 Budget to apply from the 2020-21 income year. The LITO will continue to apply for the 2022-23 income years and beyond.
Business taxation
Businesses, particularly small businesses faced with ever-increasing energy and other costs will be disappointed with this budget. The government announced new integrity measures for off-market share buybacks, new anti-avoidance measures for significant global entities (SGEs), dropped a previously announced budget proposal from 2021-22 to allow taxpayers to self-assess the effective life of intangible depreciating assets and dumped a swathe of previously announced finance-related proposals and deferred a few more. But the government did announce new reporting requirements in the name of increasing tax transparency and also increased funding to the ATO (and the TPB) for tax compliance programs.
Conclusion and where to from here?
Truth be told, this has been a very “unexciting” budget. There were no visionary reforms or even minor tweaks. The government had to face the hard task of what potentially irresponsible spending might do in a high-inflation environment and it has certainly chosen the more “responsible” and conservative route, which is the usual course for a government in its first term. It will be interesting however to see how the electorate responds in the face of crippling cost of living challenges, especially given the government came to power on a platform of “no one will be left behind”.
General Advice Warning