Westbury Chartered Accountants

Budget Update

2024-25 budget highlights:

Decreases in tax rates and tax brackets for individual tax payers from 1 July 2024.
the Instant Asset Write Off will remain capped at assets costing less then $20,000 until 30 June 2025.
Businesses with annual turnover of less than $50M will be able to deduct an additional 20% of the cost of eligible depreciating assets that support electrification and more efficient use of energy
A total expenditure of $100,000 will be eligible for the Small Business Energy Incentive, providing a maximum bonus deduction of $20,000
Superannuation concessional contributions increased to $30K per annum from 1 July 2024.
From 1 July 2026, Superannuation contributions from employers are to be paid in line with employee pay cycles. Superannuation will be required to be paid on the same day as employees

For more detail, click each section below to read more about the changes that may impact you.