Tuesday’s Budget Highlights

Tuesday’s Budget Highlights

The focus of this Tuesday’s Federal Budget is cost of living relief through Stage 3 tax cuts, lower power bills, higher welfare payments and support for small businesses.

I attached a 2-page summary for your information: Budget Summary

Below are some of the key highlights:

  • Revised Stage 3 tax cuts will deliver tax savings from 1 July 2024.
  • Energy bill relief will provide savings of up to $300 for all households and $325 for eligible small businesses.
  • The $20,000 instant asset write-off threshold for eligible small businesses will be extended for another 12 months until 30 June 2025.
  • Superannuation Guarantee will be paid on Paid Parental Leave from 1 July 2025.
  • The freeze on social security deeming rates for financial investments will be extended until 30 June 2025.
  • The maximum Commonwealth Rent Assistance will be increased by 10%.

Please note these measures are proposals only and may or may not become law.