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.