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Australian Federal Budget 2024–25

Australian Federal Budget 2024–25

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The Australian government released an exposure draft of legislative amendments regarding public

The Australian Federal Budget 2024-25, unveiled by Treasurer Jim Chalmers in Canberra on Tuesday 14 May 2024, strikes a balance between fiscal responsibility and strategic investment. With a focus on targeted tax incentives and measures to curb inflation, the budget aims to stimulate growth while addressing cost of living pressures. Small businesses receive continued support, while amendments to the capital gains tax regime signal broader changes ahead. This budget sets the stage for Australia's economic trajectory, emphasising resilience and competitiveness in a rapidly evolving global landscape. As we delve deeper into its implications for individuals and businesses, it becomes evident that the fiscal policies outlined will shape the nation's economic landscape for years to come.

Key Budget initiatives – Individuals

Personal income tax cuts

As previously announced, the Government has legislated permanent tax cuts for all Australian taxpayers from July 1, 2024. Compared to the previous Stage 3 plan, the redesigned cuts broaden the benefits of the tax cut by focusing on individuals with taxable income below $150,000.

Tax Rates (%) 

Current Taxable Income Range ($) 

From 1 July 2024 ($) 





















Medicare levy low-income thresholds

$300 energy relief

Capping indexation of HELP debts

Superannuation on paid parental leave

Increasing commonwealth rent assistance

Higher JobSeeker rate for partial capacity to work

Freezing social security deeming rates

High-quality health services through Medicare

Key Budget initiatives – Business

$325 energy relief for small business

Around one million small businesses will receive $325 off their energy bills over 2024–25. The support will apply as an automatic quarterly credit to energy bills.

$20k Small business instant asset write-off extended

Expanding CGT regime for foreign residents

The Future Made in Australia initiative

Small business support services


We are committed to keeping our clients informed about the latest fiscal policy changes, particularly with the recent unveiling of the 2024-25 Federal Budget by Treasurer Jim Chalmers. From tax adjustments to broader economic strategies, we understand the diverse impacts on individuals and businesses. Whether it's the extended instant asset write-off for small businesses or amendments to the capital gains tax regime, our team is dedicated to providing clarity and guidance. Stay connected with us as we navigate the Budget's intricacies, and feel free to reach out for any questions or clarifications regarding how these changes may affect your financial affairs. With our expertise and commitment to excellence, we ensure our clients' financial success in today's evolving economic landscape.


Personal income tax rates

Timeline of initiatives


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