Read our recap of the budget in full detail here.
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.
- 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
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.
This budget analysis was compiled by MGI Joyce|Dickson.