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2024-25 Federal Budget
The 2024-25 Federal Budget has been handed down by Treasurer Jim Chalmers. While recent Budgets have tended to focus more on spending and cost-of-living relief than tax measures, it's no understatement to say that this year there is almost nothing to report from a tax and business perspective. In fact, the only significant reference to tax in the Treasurer's Budget speech was in relation to the amended Stage 3 personal income tax cuts, which were already legislated. Some of our industry bodies have, for the first time in our memory, gone so far as to cancel their traditional post-Budget briefing functions, so little content is there to cover. As such, our annual summary of Budget highlights will be brief.
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Federal Government releases MYEFO with some tweaks
Federal Treasurer Jim Chalmers has released the Mid-Year Economic and Fiscal Outlook (MYEFO), and while there aren't usually a lot of headlines from these economic 'progress reports', there were a few announcements this time around that will affect some taxpayers.
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Small Business Energy Incentives
The Small Business Energy Incentive was announced earlier this year as a part of the Federal Budget. The incentive provides for a bonus 20% deduction on eligible expenditure for small businesses that helps to improve energy efficiency. Motor vehicles and solar panels are, however, explicitly excluded.
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