- Every household will get a $300 rebate on their electricity bill
- The $20,000 small business tax write off is to be extended to 30 June 2025 (noting it was due to end on 30 June 24 and revert to $1,000)
- The ATO will be permitted to delay the payment of BAS refunds to give them time to check the lodgement is not fraudulent
- ATO will be granted discretion powers to pay tax refunds to struggling taxpayers rather than automatically apply it to pre-1 January ’17 “on hold” tax debts
- HELP Debts are to be indexed by the lower of either Consumer Price Index (CPI) or the Wage Price Index (WPI), and back dated to 1 June 2023
- Superannuation (at 12%) will be paid on government Paid Parental Leave from 1 July 2025
- A continuation of the freeze in Centrelink deeming rates until 30 June 2025
- Treasury is forecasting inflation will come down quicker than what the RBA and financial markets are forecasting
- Many market economists have raised concerns that the additional spending ($24B over 4 years) could put further pressure on inflation, thereby delaying forecasted interest rate cuts
See the following link for the full 2024-25 Budget Measures
If you have any questions about what was contained in the Budget and how it may impact you, please contact our office.