|What the budget means for you, your business and your super. Here is a link to our 2023/24 Federal Budget Summary. Key measures include:
· $20,000 instant asset write-off – From 1 July 2023 until 30 June 2024, the Government will temporarily increase the instant asset write-off threshold from $1,000 to $20,000.
· New Energy Incentive – Small and medium businesses with an aggregated annual turnover of less than $50 million will be able to deduct an additional 20% of the cost of eligible depreciating assets that support electrification and more efficient use of energy.
· Halving the increase in quarterly tax instalments – The Government will amend the tax law to set the GDP adjustment factor for pay as you go (‘PAYG’) and GST instalments at 6% for the 2024 income year, a reduction from 12% under the statutory formula.
· FBT – Electric Car Discount – The Government will sunset the eligibility of plug-in hybrid electric cars for the FBT exemption for eligible electric cars. This change will apply from 1 April 2025. Arrangements involving plug-in hybrid electric cars entered into between 1 July 2022 and 31 March 2025 remain eligible for the Electric Car Discount.
· Energy bill relief for some households
· Encouraging doctors to offer bulk billing by tripling the incentive for children under 16, pensioners and other Commonwealth card holders
· Increases to commonwealth rent assistance
· Increases to JobSeeker and other income support payments
· Increasing the frequency of superannuation guarantee payments – From 1 July 2026, employers will be required to pay their employees’ superannuation guarantee entitlements on the same day that they pay salary and wages.
· Earnings for superannuation balances above $3 million taxed at 30% – From 1 July 2025, the Government will reduce the tax concessions available to individuals with a total superannuation balance exceeding $3 million. Individuals with a total superannuation balance of less than $3 million will not be affected.
If we can assist you to take advantage of any of the Budget measures, please let us know. As always, we’re here if you need us!
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