Australia

What does this yearโ€™s Federal Budget mean for middle-market businesses and individuals?

Jim Chalmersโ€™ 2024-25 Budget seeks to find a balance between relief and restraint, with power bill rebates for households and small businesses, cheaper medicines and announced tax cuts all aimed at tackling the unrelenting cost-of-living crisis, but in a way which doesnโ€™t unduly add to the current inflationary environment. Small businesses received a continuation of the instant asset write-off measures for purchases under $20,000, while a variety of types and sizes of business will benefit from one of the centrepieces of the Budget, the Future Made in Australia package. However, businesses and individuals have been put on notice that the ATOโ€™s review, audit and taskforce programs are here to stay, with increased funding over longer periods to boost tax collections from individuals overclaiming deductions right through to multinationals with complex affairs.

Federal Budget Debrief webinar

Our 2024 Federal Budget Debrief webinar with Tax Directors Raffi Tenenbaum and Danielle Constantine discusses the proposed Budget spending and how this will impact Australian businesses.

Federal Budget Debrief webinar
15 May 2024 10am AEST

Join us the day after Budget night, where our Tax Directors Raffi Tenenbaum and Danielle Constantine will discuss the proposed Budget spending and how this will impact Australian businesses.

3 take-outs for SMEs

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Use the instant asset write-off

An extension of the $20,000 instant asset write-off for small businesses until 30 June 2025 has been announced.

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Be ready for ATO audit activity

Considerable further funding for the ATO to continue and expand their audit activities and taskforces.

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A Future Made in Australia

A package aimed at creating new jobs and opportunities by maximising the benefits of Australia’s move to net zero carbon emissions.

3 take-outs for SMEs

icons_RGB_ATO audit_grey and orange_120x120_ID

Use the instant asset write-off

An extension of the $20,000 instant asset write-off for small businesses until 30 June 2025 has been announced.

icons_RGB_energy rebate_grey and orange_120x120_ID

Be ready for ATO audit activity

Considerable further funding for the ATO to continue and expand their audit activities and taskforces.

icons_RGB_asset write off_grey and orange_120x120_ID

A Future Made in Australia

A package aimed at creating new jobs and opportunities by maximising the benefits of Australia’s move to net zero carbon emissions.

 

Key policies

1. Cost of living relief

A raft of measures will include access to cheaper medicine, an increase in Commonwealth Rent Assistance, HELP debt relief and more.

Find out more

2. A Future Made in Australia

Labor’s hallmark package aims to to maximise the economic and industrial benefits of Australiaโ€™s move to net zero. Priority industries have been identified.

Find out more

3. Property and construction sector stimulus

New Federal Government funding for housing and infrastructure and initiatives to boost the available skilled workforce will benefit the property and construction industries.

Find out more

Key policies

1. Cost of living relief

A raft of measures will include access to cheaper medicine, an increase in Commonwealth Rent Assistance, HELP debt relief and more.

Find out more

2. A Future Made in Australia

Labor’s hallmark package aims to to maximise the economic and industrial benefits of Australiaโ€™s move to net zero. Priority industries have been identified.

Find out more

3. Property and construction sector stimulus

New Federal Government funding for housing and infrastructure and initiatives to boost the available skilled workforce will benefit the property and construction industries.

Find out more

Insights from our budget spokespeople

Insights from our budget spokespeople

For commentary on the 2024 Federal Budget, please direct your enquiries to danielle.shaw@williambuck.com

William Buck’s inaugural Indigenous Artists in Residence program
We are honoured to acknowledge the featured artwork from our Artist in Residence Leah Gerrard.
“Dirrang – Red – the significance to the land and especially country. The thing that makes us who we are and where weโ€™re from.”
Our program reflects a commitment to cultural learning, support for artistic expression and the belief in art’s ability to inspire and effect positive change.

William Buck’s inaugural Indigenous Artists in Residence program
We are honoured to acknowledge the featured artwork from our Artist in Residence Leah Gerrard.
“Dirrang – Red – the significance to the land and especially country. The thing that makes us who we are and where weโ€™re from.”
Our program reflects a commitment to cultural learning, support for artistic expression and the belief in art’s ability to inspire and effect positive change.