Federal Budget 2022-23 update

The Federal Government delivered its 2022-23 Budget on Tuesday, 29 March 2022.

The Budget was headlined by measures to tackle cost of living pressures for Australians.

Temporary Reduction of Fuel Excise

The fuel excise will be temporarily reduced by 50% to 22.10 cents per litre for petrol and diesel, for six months from 12.01am on 30 March 2022 until 11.59pm on 28 September 2022.

After this time, the fuel excise will revert to the previous rate of 44.20 cents per litre.

This will provide temporary relief for Maxxia novated leasing customers.

Employers – FBT on COVID-19 Tests

In a law intended to be retrospective from 1 July 2021, where an employer provides RATs to employees to enable them to attend a place of work, FBT will not apply. As of 30 March 2022, legislation has not passed.

Salary Packaging

No new measures were announced that impact salary packaging or novated leasing provisions for Maxxia customers.

What happens next?

There is nothing you need to do. You can continue to package as normal.

We’re here to help

If you have any questions about your salary packaging or novated leasing arrangements, please contact us.