until Australia’s Federal Budget is announced
Australia’s Federal Budget is scheduled to be handed down by Treasurer Jim Chalmers on Tuesday, 14 May 2024.
Australia’s economic climate continues to present challenges to the Federal Government in designing a Budget that manages both long-term needs and short-term issues.
Treasurer Jim Chalmers has already announced that this Budget will feature incentives on investment in the renewable energy sector as well as the addition of superannuation on paid parental leave. Although limited other Budget announcements have been made, middle-market business owners, C-suite executives and working Australians should keep a close eye on the Budget.
William Buck’s Federal Budget Analysis
Delivered straight to your inbox, sign up to receive our Federal Budget Analysis the morning after for a concise summary of key announcements impacting you and your business.
Australia’s Federal Budget is scheduled to be handed down by Treasurer Jim Chalmers on Tuesday, 14 May 2024.
Australia’s economic climate continues to present challenges to the Federal Government in designing a Budget that manages both long-term needs and short-term issues.
Treasurer Jim Chalmers has already announced that this Budget will feature incentives on investment in the renewable energy sector as well as the addition of superannuation on paid parental leave. Although limited other Budget announcements have been made, middle-market business owners, C-suite executives and working Australians should keep a close eye on the Budget.
William Buck’s Federal Budget Analysis
Delivered straight to your inbox, sign up to receive our Federal Budget Analysis the morning after for a concise summary of key announcements impacting you and your business.
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.
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 it will impact Australian businesses.
Insights from our budget spokespeople
“
This Budget acts as an opportunity for the Government to build on its recent changes to individual tax rates and bring forward wider reform to the tax system. Taking a more holistic look at taxes such as the Goods and Services Tax (GST) and working with the states and territories to abolish taxes such as Payroll tax can help Australia prosper.”
Todd Want
Director, Tax Services
“
We are looking forward to seeing the details in the budget for superannuation on Paid Parental Leave, which is a positive step to ensure women can accumulate superannuation to support them at retirement. While the Division 296 tax on superannuation balances over $3 million is being debated in parliament, we hope to see the government reconsider its position on taxing unrealised capital gains. Taxing people on the increase in value of a super asset that has not been sold and no money has been received should be a concern for all investors.”
Tricia Kleinig
Director, Superannuation
“
With a federal election due before Mid-2025, and legislated income tax cuts set to begin in July, we will see if any significant fiscal stimulus impacts the timing of interest rate cuts, particularly as residential mortgage holders are feeling the pinch with the rates at current levels. We’re hoping to see modifications to the proposed Division 296 Tax on superannuation balances, at the very least to see the $3m cap indexed annually with inflation and an adjustment of the rules to make sure that assets with unrealised capital gains are not taxed at 30%.”
Scott Montefiore
Director, Wealth Advisory
“
Given that Australian tech companies have already been facing a tough capital raising landscape for the last two years, the Government must not proceed with its proposal to make it harder for individuals to qualify as ‘sophisticated investors’. This is an important source of early funding for tech companies that should not be crimped, especially given that no material new support for the innovation sector is expected in this Budget beyond some niche measures. In addition, the Government needs to inject more funding into the Export Market Development Grant (EMDG) to make it worth applying for.”
Jack Qi
Director, Tax Services
“
Having seen state-based payroll taxes impact current and future operating margins for primary care and go against the grain for some of the previous federal budget measures, it would be great to see some unification in the budget to alleviate these impacts and ensure the benefits reach those intended. Our primary care practitioner workforce is still under-resourced, and we encourage the government to invest in addressing the root cause of this lack of supply to support the critical role primary care plays in our society both today and into the future.”
Tom Laundy
Director, Business Advisory
“
The Budget’s impact on the construction sector and specifically property policy is likely to be multi-faceted, representing the competing interest of accommodating a fluctuating immigration policy, a sector crippled by cost pressure and the perceived preference for defence spending of the current budget surplus. The current negative sentiment towards landlords in some press circles is unlikely to see property investors given further incentive to invest, so a different government policy will be required to accommodate the infrastructure requirements.”
Neil Brennan
Director, Business Advisory
“
The manufacturing industry has been quite well supported in recent budgets in the form of targeted grants. Unfortunately, these grants are not available to all so it would be great to see more generally availably incentives. This is particularly the case with the expiry of the instant assets write-off incentives.”
Ian Cattanach
Director, Business Advisory
Insights from our budget spokespeople
“
This Budget acts as an opportunity for the Government to build on its recent changes to individual tax rates and bring forward wider reform to the tax system. Taking a more holistic look at taxes such as the Goods and Services Tax (GST) and working with the states and territories to abolish taxes such as Payroll tax can help Australia prosper.”
Todd Want
Director, Tax Services
“
The Budget’s impact on the construction sector and specifically property policy is likely to be multi-faceted, representing the competing interest of accommodating a fluctuating immigration policy, a sector crippled by cost pressure and the perceived preference for defence spending of the current budget surplus. The current negative sentiment towards landlords in some press circles is unlikely to see property investors given further incentive to invest, so a different government policy will be required to accommodate the infrastructure requirements.”
Tricia Kleinig
Director, Superannuation
“
With a federal election due before Mid-2025, and legislated income tax cuts set to begin in July, we will see if any significant fiscal stimulus impacts the timing of interest rate cuts, particularly as residential mortgage holders are feeling the pinch with the rates at current levels. We’re hoping to see modifications to the proposed Division 296 Tax on superannuation balances, at the very least to see the $3m cap indexed annually with inflation and an adjustment of the rules to make sure that assets with unrealised capital gains are not taxed at 30%.”
Scott Montefiore
Director, Wealth Advisory
“
Given that Australian tech companies have already been facing a tough capital raising landscape for the last two years, the Government must not proceed with its proposal to make it harder for individuals to qualify as ‘sophisticated investors’. This is an important source of early funding for tech companies that should not be crimped, especially given that no material new support for the innovation sector is expected in this Budget beyond some niche measures. In addition, the Government needs to inject more funding into the Export Market Development Grant (EMDG) to make it worth applying for.”
Jack Qi
Director, Tax Services
“
Having seen state-based payroll taxes impact current and future operating margins for primary care and go against the grain for some of the previous federal budget measures, it would be great to see some unification in the budget to alleviate these impacts and ensure the benefits reach those intended. Our primary care practitioner workforce is still under-resourced, and we encourage the government to invest in addressing the root cause of this lack of supply to support the critical role primary care plays in our society both today and into the future.”
Tom Laundy
Director, Business Advisory
“
The Budget’s impact on the construction sector and specifically property policy is likely to be multi-faceted, representing the competing interest of accommodating a fluctuating immigration policy, a sector crippled by cost pressure and the perceived preference for defence spending of the current budget surplus. The current negative sentiment towards landlords in some press circles is unlikely to see property investors given further incentive to invest, so a different government policy will be required to accommodate the infrastructure requirements.”
Neil Brennan
Director, Business Advisory
“
The manufacturing industry has been quite well supported in recent budgets in the form of targeted grants. Unfortunately, these grants are not available to all so it would be great to see more generally availably incentives. This is particularly the case with the expiry of the instant assets write-off incentives.”
Ian Cattanach
Director, Business Advisory
Frequently asked questions
When will the 2024-25 Federal Budget be delivered?
Australia’s Federal Budget is scheduled to be announced by Treasurer Jim Chalmers on Tuesday, 14 May 2024.
What can we expect to see in the 2024-25 Federal Budget?
Treasurer Jim Chalmers has already announced that this budget will feature incentives for investment in the renewable energy sector as well as the addition of superannuation on paid parental leave.
What measures were announced in the 2023-24 Federal Budget?
With cost-of-living relief at its centre, Jim Chalmers’ 2023 Federal Budget aimed to increase access to affordable housing and healthcare and support a shift to clean energy. Learn more about what measures were announced here.
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 we’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 we’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.
