Federal Budget 2024 – A Story of Maintaining the Status-Quo on Tax Matters
Last night saw the Treasurer deliver the Federal Budget. So, what might this look like for small businesses & taxpayers?
This year’s Budget appears to propose minimal changes to tax and superannuation systems. A refreshing change in comparison to previous years. The Budget also confirms the changes to personal income tax rates for the 2024-2025 year onwards legislated earlier this year (click here for further information).
Headline items that could impact your business & taxpayers
Energy Rebate: A $325 rebate will be provided to eligible small businesses on their 2024-2025 energy bills (turnover eligibility for small businesses is yet to be confirmed)
Paid Parent Leave: Superannuation guarantee will be paid on government Paid Parental Leave payments made from 1 July 2025
CGT: After 1 July 2025, the Government will broaden the range of assets on which foreign residents will be subject to capital gains tax (CGT)
Small Business Support: The Government will extend the $20,000 instant asset write-off until 30 June 2025 (for businesses with annual turnover less than $10 million). The Government however, still needs to legislate the extension of the instant asset write-off to 30 June 2024, and confirm if the threshold for this year is $20,000 or $30,000. We hope this question is answered soon.
Have questions as to how might these Budget measures apply to you? Please call or click to get in touch with The Macro Group Team.
The Macro Group Team
Date: 15/05/2024
The Macro Group Limited AFSL:485843 Tax Agent Number 24 76 5236.
The information in this article contains general information only. We have not taken into consideration any of your personal objectives, financial situation or needs. Before taking any action, you should consider whether the general advice contained in this communication is appropriate to you having regard to your circumstances and needs, and seek appropriate professional advice if you think you need it. We recommend that you consult a licensed or authorised financial adviser if you require financial advice that takes into account your personal circumstances.