Federal budget 2024-2025
We sat in front of the TV on Budget Night to provide you with a summary of the latest Federal Budget announcements. Here’s a concise overview highlighting key updates that could potentially affect you or your small business.
Economic overview
Budget to return to surplus and inflation average back to 2.75% in 2024-2025; within the RBA’s target inflation rate of 2-3%
Small business measures
$20k Instant Write-Off extended by another 12 months (to 30 June 2025).
Payday Super to take effect from 1 July 2026.
Cost of Living Measures
$300 Energy Bill rebate to each household.
$325 Energy Bill for $1mil small businesses.
Commonwealth rent assistance payment increased by 10%.
Tax Relief for all taxpayers in the form of updated tax thresholds for individuals - taking effect from 1 July 2024.
HECS/HELP loans are to be indexed on either Consumer Price or Wage Cost indices, whichever is lower.
Boost to manufacturing industry
$19.7 billion invested into the “Future Made in Australia” fund - details still remain elusive as to what this entails.
$566.1 million to map Australia’s National groundwater systems and resource endowments.
Compliance and tax integrity
ATO to receive $187 million in anti-fraud funding for the detection of fraud on the tax and superannuation systems.
ATO to be able to withhold BASs for up to 30 days to assist in investigating GST fraud (as opposed to 14 days).
ATO to receive $469 million to combat NDIS fraud and the exploitation of the system.