Federal Budget 2024-25

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Our Federal Budget 2024-25 Issue Covered

The Federal Budget for 2024-25 was handed down on Tuesday 14 May 2024.

It contains a range of proposed measures across the areas of income tax, superannuation, tax administration and related cost of living measures.

  • Income tax measures
    – Instant asset write-off threshold of $20,000 extended
    – CGT changes for foreign residents
    – No extensions for training and energy efficiency boosts
    – ATO discretion not to offset old tax debts on hold
    – Refund frauds and likely delays in processing BAS refunds
    – Student loans repayments to be reduced
  • Superannuation measures
    – Super to be paid on paid parental leave
  • Social security, cost of living and other measures
    – Social security deeming rates frozen
    – Flexibility for carer payment recipients
    – Eligibility for higher rate of Jobseeker payment extended
    – Commonwealth Rent Assistance increase
    – Lower foreign investment fee for build to-rent properties

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