2024–25 Federal Budget HighlightsWritten on the 29 May 2024 The Federal Treasurer, Dr Jim Chalmers, handed down the 2024–25 Federal Budget at 7:30 pm (AEST) on 14 May 2024. Described as a “responsible Budget that helps people under pressure today”, the Treasurer has forecast a second consecutive surplus of $9.3 billion. The main priorities of the government, as reflected in the Budget, are helping with the cost of living, building more housing, investing in skills and education,strengthening Medicare and responsible economic management to help fight inflation. The key tax measures announced in the Budget include extending the $20,000 instant asset write-off for eligible businesses by 12 months until 30 June 2025, introducing tax incentives for hydrogen production and critical minerals production, strengthening foreign resident CGT rules and penalising multinationals that seek to avoid paying Australian royalty withholding tax. The Budget also includes various amendments to previously announced measures, as well as a number of income tax measures that have already been enacted prior to the Budget announcement, including:
These enacted measures have not been discussed in detail in this report. The government anticipates that the tax measures put forward will collectively improve the Budget position by $3.1 billion over a 5-year period to 2027–28. The full Budget papers and the Treasury ministers’ media releases are available on-line. The tax, superannuation and social security highlights are set out below. Income Tax
Social Security
Superannuation
Tax Administration
GST
Excise and Customs Duty
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