Budget 2024-25
The 2024-25 Federal Budget is the third for the Albanese Government and consistent with previous years, the primary themes are expected to be the cost of living and the economic shift to net zero.
According to election guru Antony Green, the window for the next election starts on Saturday, 3 August 2024, “the first possible date for an election if writs are issued on 1 July. The election window will stay open until mid-May 2025, the last date being 17 or 24 May.” No doubt, the Government will have the election in mind when it presents the Budget on 14 May at 7.30pm AEST.
Stage 3 Tax Cuts
The redesigned stage 3 tax cuts have been passed by Parliament and will apply from 1 July 2024. The amendments broadened the benefits of the tax cut by focussing on individuals with taxable income below $150,000.
Investment Incentives for Small Business
It remains to be seen whether an increased instant asset write-off threshold will apply to smaller businesses in the 2024-25 income year. The increased threshold to $20,000 announced in the 2023-24 Budget still has not passed Parliament (the Senate increased the threshold to $30,000). If the intent of this measure is to encourage investment, it is essential that legislation enabling these measures is passed by Parliament in a reasonable time to give business operators the certainty they need to commit to any additional investment spending.
Energy Bill Relief
The Prime Minister has hinted at another round of energy bill relief to ease cost of living pressures for low-income households and small business. The measure is subject to support from State and Territory governments.
Budget Night
The Australian Treasurer will be delivering their Federal Budget speech on Tuesday 14 May 2024 at 7:30 pm AEST.
Look out for our analysis on how the 2024-25 Federal Budget will impact you, your business, and your superannuation.
Contact us
We’re here to help answer your questions. Business matters can be complicated, our experts are on hand to help inform you of every aspect regarding your topic. We take great pride in using our expertise for you and look forward to hearing from you.
Business Hours
Open – Mon-Fri 8.30-5.00
Closed – Sat-Sun and Public Holidays
Contact Us
Viden Insights
How Much is Your Business Worth?
How much is your business worth? Is it really worth what you think? Chat with us today [...]
Watch Out Professional Services
Watch Out Professional Services The ATO are targeting Professional Services Firms who divert profits to avoid tax Chat with us today [...]
Federal Budget 2024-25
Upcoming Federal Budget 2024-25 What to expect from the Australian Budget Chat with us today [...]
Warning on SMSF Asset Valuations
ATO SMSF Warning The ATO has issued a warning to trustees of SMSFs about sloppy valuation practices Chat with us today [...]
ASIC is cracking down on Directors without a Director ID Number
ASIC is cracking down on Directors without a DIN ASIC brings first action against a director for failing to have a [...]
How to Take Advantage of the 1 July Super Cap Increase
How to Take Advantage of the 1 July Super Cap Increase? From 1 July 2024, the amount you can contribute to [...]