Budget 2024-2025
The Treasurer delivered the Federal Budget on Tuesday 14 May 2024, please find below our overview of the 2024-2025 Federal Budget.
Key measures include:
- Previously announced Stage 3 tax cuts
- $300 energy bill relief for all Australian households and $325 for eligible small businesses - applied as an automatic quarterly credit.
- Student HELP debts will be cut by changing the way indexation is calculated. From 1 June 2023, it will be the lower of the CPI or the Wage Price Index (WPI), reducing the debt accumulated by more than 3 million Australians when the CPI spiked to 7.1%.
- Increase to the Commonwealth rent assistance maximum rates by 10% from 20 September 2024.
- One year freeze on the maximum Pharmaceutical Benefits Scheme (PBS) patient co-payment for Medicare card holders and a five-year freeze for pensioners and other concession cardholders.
- Extension of the $20k instant asset write-off until 30 June 2025.
- For foreign residents, the capital gains tax (CGT) regime will be amended to broaden the type of assets subject to CGT and introduce a modified 365-day principal asset testing period.
If we can assist you to take advantage of any of the Budget measures, or to risk protect your position, please let us know.