Australia: Tax and Federal Budget
Part of a series on 2024-25 Australian Tax Updates. This short course explores key announcements made in the 2024-25 Federal Budget. It focuses on the new production tax incentives, general and shortfall interest charges, situations when the ATO may place a debt on hold and the extension of the $20,000 instant asset write-off.
This module will enable you to
- Discuss the headline announcements of the 2024-25 Federal Budget
- Describe the new production tax incentives
- Consider the deductibility of the general and shortfall interest charges
- Outline when the ATO may place a debt on hold
- Discuss the extension of the $20,000 instant asset write-off
About the module
This short course focuses on the 2024-25 Federal Budget, delivered in May by Treasurer Jim Chalmers.
From a tax perspective, the Budget was not particularly exciting. The cornerstone announcement was the already known revisions to the stage 3 personal income tax cuts.
However, that's not to say that no new tax measures were announced. The extension of the $20,000 instant asset write-off will be sure to please small business clients, and the introduction of two new production tax incentives will also be of interest to those in the energy sector.
This update covers all the key Federal Budget announcements, as well as the main measures from the 2023-24 Mid-Year Economic and Fiscal Outlook, across a variety of taxes.
Look inside
Contents
- Tax and the Federal Budget
- What's in the Federal Budget?
- Personal taxation
- Business taxation
- Administration measures
- Indirect taxes
- Other taxation measures
How it works
Author
Reviews
More in this series
Take a look more modules from the series: Australia Tax Updates 2024-25