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Mazars (now Forvis Mazars) unveils Federal Budget tax & superannuation for 2024-25

The Federal Treasurer, Dr Jim Chalmers, handed down the 2024–25 Federal Budget on 14 May 2024.

Described as a “responsible Budget that helps people under pressure today”, the Treasurer has forecast a second consecutive surplus of $9.3 billion. The main priorities of the government, as reflected in the Budget, are helping with the cost of living, building more housing, investing in skills and education, strengthening Medicare and responsible economic management to help fight inflation.

There were very few surprises from a tax perspective with key measures having already been announced.  Unfortunately, its another budget with no real tax reform.

The key tax measures announced in the Budget include extending the $20,000 instant asset write-off for eligible businesses by 12 months until 30 June 2025, introducing tax incentives for hydrogen production and critical minerals production, strengthening foreign resident CGT rules and penalising multinationals that seek to avoid paying Australian royalty withholding tax.

The Budget also includes various amendments to previously announced measures, as well as a number of income tax measures that have already been enacted prior to the Budget announcement, including:

• the revised stage 3 personal income tax cuts (enacted by the Treasury Laws Amendment (Cost of Living Tax Cuts) Act 2024 (Act No 3 of 2024)), and
• Medicare levy and surcharge threshold changes (enacted by the Treasury Laws Amendment (Cost of Living—Medicare Levy) Act 2024 (Act No 4 of 2024)).

The government anticipates that the tax measures put forward will collectively improve the Budget position by $3.1 billion over a 5-year period to 2027–28.

Discover their webcast here:  https://www.youtube.com/watch?v=GE2vJb64aaQ

* Effective from 1 June 2024, Mazars, leading international audit, tax, and advisory firm and FORVIS, the eighth largest public accounting firm in the United States have joined to create a new top 10 global network and operate under a single brand worldwide.
For more information visit: Forvis Mazars shakes up professional services industry - Forvis Mazars - Australia.

Source: Forvis Mazars