2024–25 Federal Budget

The 2024-25 Federal Budget has been handed down this evening. The two biggest drivers this year underpinning the Federal Budget are cost-of-living pressures and inflation. As such, it was never going to be a big-spending budget that handed out significant tax incentives that could over-stimulate the economy. 

This Budget has seen the implementation of previously introduced measures, in particular:

• The stage 3 tax cuts; and
• The $20,000 instant asset write-off for small business.

The Budget also continued the government's focus on tax compliance by giving the ATO further funds to continue its existing programs. Non-residents have also been targeted, with measures being announced that affect significant global entities and non-residents making Australian capital gains.

 

If you have any questions about how the budget might impact your personal or business circumstances, book a discovery session with your closest Kelly+Partners office for expert, personalised advice and support.