Please see attached for the 2024 Federal Budget Highlights on a Page.
The 2024 budget has been announced with two areas of note that will impact personal tax and small business.
Personal Income Tax Cuts Tax cuts for all individual taxpayers from 1 July 2024. The tax savings depend on taxable income and can be estimated using the tax cuts calculator at https://taxcuts.gov.au
Small Business Instant Asset Write-Off Small businesses with a turnover of less than $10 million can immediately deduct the full cost of eligible assets costing less than $20,000 that are first used or installed ready for use between 1 July 2024 and 30 June 2025. Any assets that cost more than $20,000 will be added into the small business simplified depreciation pool and depreciated at 15% in the first year and 30% each year thereafter. Remember, this is a tax deduction, not $20,000 cash back to you.
NEXT STEPS
Please contact us to book your 2024 tax planning meeting to maximise the benefits of the new measures announced in the 2024 Federal Budget.
We look forward to assisting you!
Please see attached for the 2024 Federal Budget Highlights on a Page.
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