This year’s budget provides cost of living relief through tax cuts, lower power bills, higher welfare payments and support for small businesses.

Key Announcements

• Revised Stage 3 tax cuts will deliver tax savings from 1 July 2024.
• Energy relief will provide savings of up to $300 for all households and $325 for eligible small businesses.
• The $20,000 instant asset write-off threshold for eligible small businesses will be extended for another 12 months until 30 June 2025.
• Superannuation guarantee will be paid on Paid Parental Leave from 1 July 2025.
• The freeze on social security deeming rates for financial investments will be extended until 30 June 2025.
• The maximum Commonwealth Rent Assistance will be increased by 10%.

Note: These measures are proposals only and may or may not become law.

For more information and support:

• Process: wait for changes to become law
• Advice: it will be important to seek advice from your financial planner, and you may also need advice from a registered tax agent
• More information: Read our BLOG or Federal Government Budget 2024-25

Call Singleton Financial on 02 4038 1623 and make an appointment to speak to an adviser today to discuss how the proposed federal budget changes could impact you.

Elliot Watson Financial Planning Pty Ltd trading as Singleton Financial is a Corporate Authorised Representative of RI Advice Group Pty Ltd, ABN 23 001 774 125 AFSL 238429.

The information (including taxation) in this website does not consider your personal circumstances and is of a general nature only – unless otherwise stated. You should not act on the information provided without first obtaining professional advice specific to your circumstances.