The Hon Dr Jim Chalmers delivered the 2024-25 Federal Budget at 7:30 pm on 14 May. A surplus of $9.3 billion is expected for 2023-24 and a forecast deficit of $28.3 billion for 2024-25.

COST OF LIVING AND INVESTING IN A FUTURE MADE IN AUSTRALIA

The key focus areas of the Budget are easing cost-of-living pressures and significant investment in what the Government has termed ‘Investing in a Future Made in Australia’, which focuses on a transition to clean energy and adding value to Australia’s natural resources.

BUSINESS TAXATION

For small business there is some relief including the extension of the $20,000 instant asset write-off scheme and energy rebates.

Other key measures in the Budget include relatively minor changes in relation to capital gains tax for non-residents and anti-avoidance measures for Significant Global Entities, being taxpayers who are part of a group with a global turnover of greater than $1 billion.

PERSONAL TAXATION

The revised Stage 3 tax cuts legislated by the previous Government and amended earlier this year remain the key tax measure for personal taxation in the coming fiscal year.

SUPERANNUATION

As announced in the lead up to the Federal Budget, superannuation guarantee will apply to paid parental leave from 1 July 2025.

The 2024-25 Budget did not announce any significant reforms to tax or superannuation.

 

Read our full report: 2024-25 Federal Budget.

If you would like to know more about the impacts of the 2024 Federal Budget on you and your business, contact us.

如果您想了解更多有关 2024 年联邦预算对您和您的企业的影响,请联系我们。

2024년 연방 예산이 귀하와 귀하의 비즈니스에 미치는 영향에 대해 더 자세히 알고 싶으시면 저희에게 연락해 주십시오.

 

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