Australia Budget 2022-23 Delivered Including Temporary Reduction in Fuel Excise, Patent Box Expansion, and Increased Deductions for Small Businesses

Australian Treasurer Josh Frydenberg delivered the country's Budget 2022-23 on 29 March 2022. Some of the main tax-related measures of the Budget are summarized as follows:

Addressing Cost of Living Pressures – temporary reduction in fuel excise

The Government will help reduce the burden of higher fuel prices by reducing the excise and excise-equivalent customs duty rate that applies to petrol and diesel by 50% for 6 months beginning 30 March 2022 and ending 28 September 2022. The same wil…