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At a glance
- 2024-25 Federal Budget delivered 14 May 2024.
- Underlying cash deficit of $28.3 billion in 2024-25 and ongoing deficits.
- Pre-election budget positioning given various cost of living and other social welfare handouts.
- Future Made in Australia initiative with significant funding through tax incentives.
- Discontinuance of the proposed intangible integrity rule and introduction of new SGE Penalty.
- Broadening of the CGT regime for foreign residents.
- Small business instant asset write- off extended.
- Funding to ATO to extend compliance programs.
- Already enacted personal income tax changes.
- Deferral of some announced measures.
On Tuesday 14 May 2024, the Federal Treasurer Jim Chalmers handed down his third budget being the 2024-25 Federal Budget.
This Tax Alert focuses on the key announced tax measures that impact your business tax planning and compliance processes and business incentives. The broader economic and policy issues in the 2024-25 Federal Budget are on the EY Australia website (link here).