6pm Tuesday May 28th – Tax Saving Seminar + 2024 Budget Update

6pm Tuesday May 28th – Tax Saving Seminar    Reduce the cost of living Tuesday 28th May at 6.00pm for our annual tax planning session – Kingston Arts Centre – reply to this email to book in or let us know if you’d prefer a link to the recording after the event.

Additionally, our newsletter will follow event with plenty of tips to save at tax time.     

2024 Federal Budget Highlights  Not a lot in tax to say other than a treasurers third budget in an election cycle is the  pork belly budget (generosity for re-election) and the government was clearly conflicted in wanting to give but held in check by cost of living and inflation. In one hand they give and the RBA puts up interest rates which would have a stronger negative outcome. The only real new thing is everyone including those who don’t need it get a $300 break on their power bills ($325 for small business) during an election year and the continuation of the $20,000 instant asset write off for small and medium business. Cuts to student debts, stage 3 tax cuts for everyone all were well reported before last nights budget. 

All the documents are here:  https://budget.gov.au/content/documents.htm  

2024 Victorian Budget Highlights  All about attempting to manage Australia’s biggest debt pile with no major new taxes  as Victoria is the highest tax state already (can’t tax Victorian people much more) with some trimming in state spending, nothing too tax exciting to report (fortunately!).

Budget papers at – https://www.dtf.vic.gov.au/state-budget/2024-25-state-budget  

Working from home changes Reminder; since 1 March 2023 there has been major changes to how we can claim. You need a recorded log of all the hours you worked from home is now required. 

Read More – https://ciatax.com.au/june-30-tax-saving-tips/    

Sales, sales, sales Save 100% when you don’t buy anything discretionary. But it’s not 100% it’s much, much more – Invest savings for far more.  You save much more than 100% when you avoid a spend! 

Watch Here: https://www.youtube.com/watch?v=3ooL4HHH1f4  


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