The Federal Australian Budget 2024/25 was delivered last night by Treasurer Jim Chalmers. As you know, we stay informed on these matters to ensure your financial plan remains on track.
This year’s budget focused on tax relief, measures to ease cost-of-living pressures, and investments in key industries. Here are some key takeaways that might directly impact you:
Good News for Pensioners
Social security deeming rates will remain unchanged. This will ensure income support recipients, such as age pension recipients, will not see a reduction to their payments due to an increase in the deeming rates over the next year.
Superannuation on Paid Parental Leave (Effective July 1, 2025)
The government plans to contribute 12% superannuation for parents on government-funded Parental Leave.
Tax Relief Arrives in July
Stage 3 tax cuts take effect on July 1, 2024, putting more money back in your pocket.
Student Loan Changes
About 3 million Australians with student loans are set to receive an average $1,200 reduction in their HELP or HECS debt. HELP/HECS debt will now be indexed either to wages growth or to inflation,whichever is lower, and that change will be backdated to June 1 last year.
Here’s an easy-to-understand Budget Summary outlining the key points.
If you have any questions about how the budget might impact you, or would like to discuss personalised strategies, please don’t hesitate to reach out.
