The ‘Future Made in Australia’ 2024-25 Budget has Arrived.
Promoted as providing much needed cost of living relief and ensuring there’s a ‘Future made in Australia’ the 2024-25 Budget was handed down last night by the Treasurer, Dr Jim Chalmers.
The centrepiece was the previously announced stage 3 tax cuts, which will kick in from 1 July 2024 and provide all Australians with tax relief. All Australians will also get $300 off their electricity bills!
As part of Australia’s commitment to reach net zero by 2050, the $22.7 billion Future Made in Australia initiative aims to realise Australia’s potential as a renewable energy superpower and strengthen our economic security by investing in priority industries and infrastructure.
Unfortunately, no significant or aspirational initiatives were introduced for SMEs. The extension of the Instant Asset Write Off for another year, whilst welcome, should be more expansive so that more businesses can qualify. Further, no real meaningful tax reform measures were announced.
The Government also revealed an ambitious plan to build 1.2 million homes in the next 5 years to help ease the housing crisis.
The Government is confident that inflation will return within the RBA’s target range by the end of 2024. It remains to be seen whether some of these spending measures will trigger increased inflation. This budget has clearly been set with a Federal election in the next 12 months firmly in the Treasurer’s sight.
With many more details inside, we proudly present our federal budget summary and what it means for private groups and family businesses.
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The above summary is intended to be general in nature. Should you believe that any of the above matters may be relevant to you or your Group’s particular circumstances, please discuss the specific details with your Slomoi Immerman Partners advisor.
