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News Update

2024–25 Federal Budget Highlights

Posted by: Glenn Sharp on

The Federal Treasurer, Dr Jim Chalmers, handed down the 2024–25 Federal Budget at 7:30 pm (AEST) on 14 May 2024.

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 and a number of income tax measures that have already been enacted before the Budget announcement, including the revised stage 3 personal income tax cuts that apply from 1 July 2024.

The tax and superannuation highlights are set out below.

Income Tax


Tax Administration

Please contact us if you would like to discuss any of the budget measures and how they might affect your business.

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