Budget 2024-25

Budget 2024-25.

According to election guru Antony Green, the window for the next election starts on Saturday, 3 August 2024, “the first possible date for an election if writs are issued on 1 July. The election window will stay open until mid-May 2025, the last date being 17 or 24 May.” No doubt, the Government will have the election in mind when it presents the Budget on 14 May at 7.30pm AEST.

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 (the Senate increased the threshold to $30,000). If the intent of this measure is to encourage investment, it is essential that legislation enabling these measures is passed by Parliament in a reasonable time to give business operators the certainty they need to commit to any additional investment spending.

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. The measure is subject to support from State and Territory governments.

We're here to help.

Stay tuned for our insights into the 2024-25 Federal Budget and its implications for you, your business, and your superannuation.

Related News

Yesterday

The Hidden Tax Risks of Using Personal Offset Accounts for Business Funds

It might seem like a clever strategy - moving surplus business cash into your personal mortgage offset account to save on home loan interest, then shifting it back to the company around tax time. But there’s a catch: the ATO sees this, and they’re not fans.

Why Mental Health and Money Must Be Managed Together

Running a small business has always been personal. Every sale, every setback, every sleepless night - it all comes back to the same person: the owner.

The State of Small Business in 2025: Pressure, Purpose, and the Path Forward

A staggering 93% of small business owners reported higher costs this year, while 64% saw profits fall. Taxes, wages, and insurance top the list of pressures, with taxes ranked as the number one cost by half of respondents of a recent report.