Federal Budget 2024-25 summary

The Federal Budget, handed down on Tuesday 14 May, contained a number of tax, superannuation, tax administration and social security/cost of living proposals that may impact your clients (and their businesses) in relation to the following matters:

• Instant asset write-off
• CGT and foreign residents
• The training and energy efficiency boosts
• ATO discretion to offset old tax debts
• Refund frauds and BAS refunds
• Student loans repayments
• Super to be paid on paid parental leave
• Social security deeming rates
• Commonwealth Rent Assistance
• and more.

Contact us if you would like to discuss any of these measures.

This issue reflects the law when it was published. Tax and super rules change often, so please call us before acting on anything in it.