On 14 May 2024, Treasurer Jim Chalmers handed down his third Federal Budget.
Against the backdrop of inflationary pressures and the weakest Australian economy in more than two decades, Dr Chalmers stated that the 2024-25 Budget was for the “here and now and the decades to come”. With an election likely in the next 12 months, the Federal Government expressed that this Budget invests in the promise and potential all Australians can achieve together.
The Budget forecasts a surplus in the 2023-2024 year, followed by larger deficits than expected across the next four years. Cost-of-living relief was front and centre in the 2024-25 Budget, with electricity bill rebates for households and businesses, social housing investment, rent assistance, and the Stage 3 tax cuts. From 1 July 2025, payment of superannuation on paid parental leave will commence, adding to the reforms that have already been legislated.
The Government also unveiled the Future Made in Australia Act and plans to spend $22.7 billion over the next decade on initiatives like tax incentives for green energy, domestic manufacturing of solar panels and battery production.
HLB Mann Judd’s Federal Budget Alert provides a succinct summary of the announcements related to personal and business taxation, tax compliance and superannuation.
Contact our advisers should you wish to learn more or prepare for any matters which may affect your business or personal situation.
"In an uneventful Budget the most interesting new announcements are yet another 12-month extension of the $20,000 instant asset write-off for small businesses and the energy rebates for individuals ($300) and small businesses ($325) to be paid in the 2024-25 year.”
Partner, Tax Consulting & National Tax Committee Leader
Key Measures
Contact us
How HLB can help
We work with a broad range of businesses, organisations and individuals both. We take the time to listen so that we can tailor an advisory offering to support your business or personal financial requirements.