- May 16, 2024
- Posted by: admin
- Category: Uncategorized

Federal budget was delivered on Tuesday evening, 14 May 2024.
Cost relief for business
Small businesses with aggregated turnover of less than $10 million will be eligible for the $20,000 instant asset write-off for an additional year. This will enable small businesses to immediately deduct eligible depreciating assets costing less than $20,000 that are first used or installed ready for use by 30 June 2025. From 1 July 2025, the asset cost threshold will revert to $1,000.
- Small and medium businesses switching to energy-efficient equipment or facilities can obtain additional (accelerated) depreciation deductions of 20 per cent.
- The government is providing $3.5 billion of energy bill relief, including rebates of $325 to around one million small businesses.
- The government has announced it will provide $168.0 million over four years from 2024–25 to implement reforms to strengthen Australia’s Anti-Money Laundering and Counter-Terrorism Financing Act 2006. The new obligations will require real estate agents, lawyers and accountants to report dodgy transactions.
Cost of living relief for Individuals
- Tax rate cuts announced;
Here is a comparison of current and new tax rates:
Current tax rates
up to $18,200 income – pay no tax
19 per cent tax rate on each dollar earned between $18,201-$45,000
32.5 per cent tax rate on each dollar earned between $45,001-$120,000
37 per cent tax rate on each dollar earned between $120,001 — $180,000
45 per cent tax rate on each dollar earned above $180,000
New tax rates announced from 1 July 2024
up to $18,200 income – pay no tax
16 per cent tax rate on each dollar earned between $18,201-$45,000
30 per cent tax rate on each dollar earned between $45,001-$135,000
37 per cent tax rate on each dollar earned between $135,001 — $190,000
45 per cent tax rate on each dollar earned above $190,000
- A measure to assist those who have student debts under the Higher Education Loan Program (HELP). Specifically, the way HELP loans are indexed each year is to be amended such that the lower of the Consumer Price Index (CPI) or the Wage Price Index will be used to apply indexation to HELP loans, effective 1 June 2023. Previously, HELP loans were indexed solely by reference to CPI.
- All employees will receive the benefit of an already-legislated increase in the minimum superannuation guarantee (SG) entitlement. Specifically, the minimum SG rate will increase from 11 per cent to 11.5 per cent from 1 July 2024.
- Starting from July 1, 2026, employers must pay superannuation at the same time they pay salary and wages to employees.
- Government-funded paid parental leave scheme will be paid superannuation in addition to their payments from next July.
- The maximum rates of the Commonwealth Rent Assistance (CRA) will increase by 10% from 20
September 2024 to help address rental affordability challenges for recipients. - Every household in the country will get a $300 discount on their energy bill.
Additional funding
- The government also confirmed $187.0 million will be allotted over four years from 1 July 2024 to the ATO to strengthen its ability to detect, prevent and mitigate fraud against the tax and superannuation systems.