The Hon Dr Jim Chalmers MP handed down the 2024-25 Federal Budget at 7:30 pm(AEST) on 14 May 2024. The budget surplus is estimated to be $9.3 billion following a $22.1 billion surplus in 2022-23.
The key focus areas of this Budget are around easing cost of living pressures, fighting inflation and investing in a “Future Made in Australia”.
No major tax changes have been announced but the Budget does include commitments towards support payments, creation of affordable housing and health.
From a tax perspective, for individuals, no major changes have been announced. The Government “re-announced” the legislated tax cuts which will commence from 1 July 2024 and deliver tax cuts to Australian taxpayers.
For businesses, the Government has announced the extension of the instant asset write off until June 2025 which applies to small businesses with an aggregated turnover of less than $10 million.
Our National Tax Committee have analysed the budget papers and prepared:
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