Description

The Federal Treasurer, Dr Jim Chalmers handed down his third Federal Budget at 7:30PM (AEST) on 14 May 2024.

In this episode of the Be Better Off Show, hear from Brett Kelly and the Kelly+Partners Tax team as they unpack the key takeaways from the Federal Budget.

The two biggest drivers this year underpinning the Federal Budget are cost-of-living pressures and inflation. As such, it was never going to be a big-spending budget that handed out significant tax incentives that could over-stimulate the economy. 

This Budget has seen the implementation of previously introduced measures, in particular:

• The stage 3 tax cuts; and
• The $20,000 instant asset write-off for small business.

The Budget also continued the government's focus on tax compliance by giving the ATO further funds to continue its existing programs. Non-residents have also been targeted, with measures being announced that affect significant global entities and non-residents making Australian capital gains.

Show notes:

• 0:06 - Introduction
• 0:47 - Initial impressions
• 3:15 - Stage 3 tax cuts
• 5:00 - Medicare levy threshold
• 5:27 - Business finance
• 6:28 - Foreign multinationals
• 9:17 - Instant asset write off
• 10:30 - Foreign residence CGT regime
• 12:57 - What's not in the budget