21 May 2024

MGI Australasia reports on Australia's 2024-2025 Budget

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Earlier this month, Australian Treasurer Jim Chalmers handed down the third Federal Budget from his Labor Government. This budget delivered a surplus for a second year in a row with a number of measures targeted at supporting Australians during a cost of living crisis.

MGI Australasia is pleased to present its summary of the recently released federal budget and its implications for clients. Some of the key announcements that could influence have an impact on businesses include:

  • Small business instant asset write-off threshold of $20,000 – to be extended until 30 June 2025
  • Energy Bill Relief – for both small businesses and households
  • Paid superannuation on government-paid parental leave – will apply for children born from 1 July 2025 onwards
  • Capital Gains Tax Regime – changes may impact foreign resident taxpayers for CGT events occurring on or after 1 July 2025
  • Support for small businesses – financial counselling, mental health support and support to understand workplace relations changes
  • No further changes to superannuation

For a detailed summary of the 2024-2025 Federal Budget and valuable insights into its implications, click below.

Should you have any questions, please feel free to contact Regional Coordinator Caterina Sullivan ([email protected])

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MGI Worldwide is a top 20 ranked global accounting network and association with over 8,000 professionals, accountants and tax experts in some 400 locations in almost 100 countries around the world.