Let’s be positive this morning and go with “well they must be keeping their powder dry” with an election due (more promises).
This budget will not be passed before then and with new positions of parliament being settled we can only speculate what will eventuate out of it or not.
Yet let us get to the highlights:
Big ticket items include a free weekly latte for all but we have to wait a year or two for it ($5 a week tax cut) and then its a two latte’s equivalent the year after that ($10).
We are treating these tax cut announcements a bit like a coffee card as bracket creep (that is inflation making us pay more taxes) we are getting a little bit of that back.
$150 energy rebate extended to end of the year (must admit we love seeing this on energy bills).
Student debt 20% reduction is huge as is a proposed increased to repayment thresholds is a big win for those carrying debts.
Bad news in the $20,000 small business asset write off is not being extended (a tax & compliance burden) into next tax year (though I am tipping an election announcement here…)
At a macro level we are back to spending more than we are earning (for the foreseeable future) with a lack of a genuine productivity and growth vision.
Its not hard – either increase our productivity, or go with a smaller government / spending otherwise we just keep creeping up the taxes on the people of Australia.
But let’s be positive as we have been right from the outset and wait on the election date announcement, and proposed policies that go beyond this weeks budget announcement.
Remaining hopeful, as ever.
For a full technical analysis of budget
Simply contact us…
Where to get the full Budget
As ever the details will emerge over coming weeks and for more information the 2025 Budget Papers are available from the following website: https://budget.gov.au/
Tax Tips for Young Professionals in 2025:
Maximise Your Refund: https://www.youtube.com/watch?v=F6MbrORptCo&t=8s
With our very own Dr Steven Enticott & Mike Loder (Ticker News)
2024 Tax return deadlines:
Yep, we are there now and it’s the last moment – so act now if not done – if there are circumstances preventing you contact us and we will add you to our late lodge extension list with the ATO.
How to be a nature positive business: It’s easier than you think join with us (and others) and adopt a nature positive project: www.carbonlandscapes.com.au
