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2023/2024 Federal Budget Overview
The 'ace in the hole' of the 2023-24 Federal Budget was the $4.2bn surplus; the first in 15 years driven by a surge in the corporate and individual tax take.
Key measures include:
- Energy bill relief for some households and small business
- Encouraging doctors to offer bulk billing by tripling the incentive for children under 16, pensioners and other Commonwealth card holders
- Increases to commonwealth rent assistance
- Increases to JobKeeper and other income support payments
- Expanding access to the single parenting payment
For small business, the $20k instant asset write off is back.
But there is a lot not in the Budget - loss carry back, temporary full expensing, Division 7A, any mention of the technology investment boost and skills and training boost.
There is also a lot of money for the ATO and treasury for compliance measures.
If we can assist you to take advantage of any of the Budget measures, or to risk protect your position, please let us know.
Click the link below to download our full guide to the budget.
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