- Technical Resource, White Label Documents
The 2024-25 Federal Budget has been handed down this evening by Treasurer, Jim Chalmers.
The Association’s Technical Manager, Fabian Bussoletti, was in Canberra and attended the key stakeholder Lock Up.
The SMSF Association Budget summary highlights the key and relevant changes including:
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Superannuation on Paid Parental Leave (PPL)
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Strengthening Tax Compliance – ATO Counter Fraud Strategy
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Division 296 Tax – Administrative costs for Commonwealth defined benefit schemes
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Payday superannuation & SuperStream
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Personal Income Tax – Cost of Living Tax Cuts
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Increased Medicare levy low-income thresholds
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Power Bill relief
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Small Business Support – $20,000 instant asset write-off extended
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Freezing of Social Security Deeming Rates – Extended
At the time of publishing, the contents of this resource were accurate and correct.
Disclaimer: Technical Papers contain general advice only and are prepared without taking into account particular objectives, financial circumstances and needs. The information provided is not a substitute for legal, tax and financial product advice. Before making any decision based on this information, you should assess its relevance to the individual circumstances of your client. While the SMSF Association believes that the information provided is accurate, no warranty is given as to its accuracy and persons who rely on this information do so at their own risk. The information provided in this bulletin is not considered financial product advice for the purposes of the Corporations Act 2001. © SMSF Association