The Government will extend the instant asset write-off scheme by 12 months until 30th June 2025 to support small businesses by improving cashflow and encourage business investment. Small businesses with annual turnovers of less than $10 million will be able to immediately deduct the full cost of eligible assets costing less than $20,000.

For Superannuation, there are annual caps – or limits – on how much money you can contribute towards super, both in terms of pre-tax ‘concessional’ contributions and after-tax ‘non-concessional’ contributions. Both these caps are going up, so if you have any spare funds, you’ll be able to move more of your money into super’s low-tax environment.
The concessional cap is increasing from $27,500 to $30,000 a year while the the non-concessional cap is increasing from $110,000 to $120,000 a year.

Winners of this year’s budget include low and middle income households, pensioners, women, prescriptions users, aged & child care workers, low income renters, students, apprentices, home builders, students, defence, critical mineral projects, and clean energy manufacturers.

Losers include consultants, universities, foreign students, backpackers and dodgy NDIS providers.

 

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