Earlier this month, the federal and state government announced their budgets for 2023/24. We’ve put together a summary of the key updates for businesses and individuals alike. Scroll down to access a full report.
Federal Budget Update
For Businesses:
Instant Asset Write-Off: If your business earns below $10 million, you can instantly write off up to $20,000 on eligible assets. This perk is extended until June 30, 2025.
Energy-Efficient Upgrades: Small and medium-sized businesses upgrading to energy-efficient equipment can enjoy an extra 20% depreciation deduction.
Energy Bill Rebates: Small businesses will receive $325 in energy bill rebates.
Super Payments Alignment: Starting July 1, 2026, employers will need to pay super contributions at the same time as salary and wages
For Individuals:
Paid Parental Leave: From July 1, 2025, those on government-funded paid parental leave will also receive 12% superannuation.
Energy Bill Relief: Individuals will get $300 to help with energy bills.
Student HELP Debts: Student HELP debts will be reduced by changing the indexation method to the lower of the CPI or Wage Price Index (WPI) starting June 1, 2023.
Rent Assistance: The maximum rates for Commonwealth rent assistance will increase by 10% from September 20, 2024.
Tax Rates: check out the new marginal tax rates in the table below with the key changes starred.
So What?
This year’s budget brings some welcome relief for both businesses and individuals. From energy bill rebates to changes in super contributions, these updates aim to ease financial pressures and support growth. Get in touch for more detailed insights and how these changes could affect you directly.
Keen to get stuck into more detail? You can check out the full 2023/2024 Budget report from our advisers here, or by clicking the button below.
