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.
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.
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.
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.
Look out for our analysis on how the 2024-25 Federal Budget will impact you, your business, and your superannuation.
- Stage 3 tax cuts apply from 1 July 2024
- $20,000 instant asset write-off threshold still awaiting Parliament passage
- Energy bill relief expected for households and small business
- Cost of living and net zero transition are primary themes
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