Federal Budget 2024 Update
Last night, Treasurer Jim Chalmers handed down the 2024 – 2025 Budget in Parliament House.
This budget delivered a surplus for a second year in a row with a number of measures targeted at supporting Australians during a cost of living crisis.
MGI Australasia is pleased to present our summary of the recently released federal budget and its implications for our clients.
In our role as your trusted advisors, we have thoroughly examined the budget and pinpointed significant announcements that could influence you and your business.
We trust that this overview will provide you with valuable insights into the implications of the federal budget, enabling you to make well-informed decisions regarding your financial outlook. Should you have any questions or concerns, please feel free to contact us.
Just want the highlights? We’ve broken down the budget into the big news stories below if you’re reading this on the run!
Budget 2024 Highlights
- Small business instant asset write-off threshold of $20,000 – to be extended until 30 June 2025
Energy Bill Relief – for both small businesses and households
- Paid superannuation on government-paid parental leave – will apply for children born from 1 July 2025 onwards
- Capital Gains Tax Regime – changes may impact foreign resident taxpayers for CGT events occurring on or after 1 July 2025
- Support for small businesses – financial counselling, mental health support and support to understand workplace relations changes
- No further changes to superannuation
If you would like to know how the 2024 – 2025 Federal Budget will impact you and your business, please do not hesitate to contact us on (03) 9069 7700 or info@mgidc.com.au
MGI Australasia
MGI Australasia is part of an international network of independent audit, tax and accounting firms with expertise in audit and assurance, corporate advisory, outsourced CFO and financial management services, IT support, superannuation, wealth and risk management, taxation advice and grants. Our advisors work with SMEs, family businesses, listed entities, professionals, individuals and government.
