The Federal Budget can create practical changes for small businesses, not-for-profits, and individuals.
The key is understanding which announcements are relevant to your organisation, then translating them into clear actions for budgeting, payroll, tax planning, and reporting.
This guide summarises the main Federal Budget 2022–23 measures and what they may mean for your financial planning.
Economic outlook
The 2022–23 Federal Budget was delivered during a period of economic recovery following the COVID-19 pandemic.
Key themes included:
- stronger employment levels
- continued economic growth
- rising wage expectations
- support for small businesses
For organisations, this meant planning for both opportunity and pressure, particularly around workforce, technology, and compliance.
Technology investment boost
Small businesses were given access to an additional deduction for eligible technology-related expenditure.
This measure was designed to encourage investment in digital adoption, including systems and tools that improve business operations.
For many organisations, this reinforced the value of reviewing accounting systems, automation, and reporting processes.
Skills and training boost
The Budget also included support for small businesses investing in external training for employees.
This was intended to help businesses upskill staff and strengthen internal capability.
For not-for-profits and SMEs, training can support better use of systems, stronger financial literacy, and more consistent processes.
Small Business Support Package
The Small Business Support Package included measures to support business owners with mental health, financial counselling, payment times reporting, and financial capability.
These measures recognised that business sustainability depends on more than tax settings. It also depends on clear financial information and practical support.
Tax compliance and reporting changes
Digitalising trust income reporting
The Budget confirmed plans to digitalise trust and beneficiary income reporting.
This was intended to support electronic lodgement, improve pre-filling, and streamline ATO assurance processes.
Taxable Payments Annual Report alignment
The Budget also included plans to allow businesses to report Taxable Payments Annual Report data on the same lodgement cycle as activity statements, where supported by accounting software.
For businesses that need to lodge this report, system setup and accurate data capture remain important.
Cost of living measures
The Budget included several cost of living measures, including tax offsets, one-off payments for eligible recipients, and a temporary reduction in fuel excise.
While these measures were primarily aimed at households, they also reflected broader cost pressures that affected businesses and community organisations.
Superannuation changes
The Budget extended the temporary reduction in minimum drawdown requirements for some superannuation pensions.
For employers, superannuation remains an area that requires careful process and timely reporting.
Strong bookkeeping and payroll processes help ensure obligations are managed consistently.
What this meant for small businesses and not-for-profits
The practical impact of Budget announcements depends on your structure, sector, and financial position.
Key areas to review included:
- technology investment plans
- staff training and development
- cash flow and cost pressures
- tax reporting obligations
- payroll and superannuation processes
For not-for-profits, Budget changes also needed to be considered alongside funding agreements, governance expectations, and compliance obligations.
How to respond
1. Review your systems
Check whether your accounting and reporting systems support your current needs.
2. Update budgets and forecasts
Reflect cost changes, technology investment, and workforce assumptions in your planning.
3. Check compliance requirements
Ensure tax, payroll, superannuation, and reporting obligations are being managed consistently.
4. Brief your board or leadership team
Provide a clear summary of relevant measures and practical implications.
5. Seek advice where needed
Budget measures often require careful interpretation before being applied.
What good looks like
A clear response to Federal Budget changes should include:
- understanding of which measures apply
- updated financial forecasts
- clear compliance actions
- board-ready reporting where relevant
- practical next steps for systems and planning
Start a conversation
Federal Budget announcements can feel broad, but the right response is usually specific to your organisation.
Hopscotch Accounting supports not-for-profits and SMEs with budgeting, reporting, payroll, and compliance reviews that turn financial updates into clear next steps.
Start a conversation to review what Federal Budget changes mean for your organisation.
FAQ’s
Federal Budget changes can affect businesses through tax measures, incentives, payroll settings, reporting requirements, and cost of living or workforce-related measures.
Yes. Not-for-profits should review Budget announcements where they affect funding, payroll, compliance, cash flow, or reporting obligations.
Organisations should identify relevant changes, update budgets and forecasts, review compliance requirements, and brief their board or leadership team where needed.
