Australian Federal Budget 2024-25

The Government has handed down a ‘no surprises’ budget with little in the way of substantive tax reform.

Clarification of some announced but unenacted measures (ABUMs) and over $2B of extra funding to the ATO to reduce fraud helps ‘clear part of the deck’, but much more clarification of ABUMs is needed before the government plans its next budget in March 2025 ahead of the Federal election.

Small business will welcome the extension of the instant asset write off but be disappointed that the 120% boosts have not been included. The ATO has been given the power to retain business activity statement refunds for up to 30 days, instead of the usual 14 days which may challenge the cash flow of some businesses.

Students will welcome a reduction in their HECS debt due to the change in how it is indexed.

Foreign residents that have assets connected to Australian land may have a greater exposure to capital gains tax.

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  1. Federal Budget 2024-25: Skilled migration implications for accountants

    Federal Budget 2024-25: Implications of skilled migration measures for accountant shortage...

  2. Federal Budget 2024-25: Key education measures and advocacy snapshot

    Key education measures in the 2024-25 federal budget CAs need to know...

  3. Important steps for a sustainable future taken in Federal Budget

    MEDIA RELEASE: Australia’s peak accounting body Chartered Accountants Australia and New Zealand says several initiatives announced as part of the Federal Budget are important steps in providing the...

  4. Federal Budget 2024-25: Key technology and anti-corruption measures

    Key technology and anti-corruption measures from the 2024-25 Australian Federal Budget...

  5. Federal Budget 2024-25 Sustainability highlights

    Sustainability highlights from the 2024-25 Australian Federal Budget...

  6. CA ANZ welcomes some Budget announcements, but still waits for substantive tax reform

    MEDIA RELEASE: Chartered Accountants Australia and New Zealand (CA ANZ) will continue to push for substantive tax reform and a roadmap to achieve it, despite welcoming aspects of tonight’s Federal...

  7. CA ANZ reaction to International Student Cap Federal Budget Announcement

    MEDIA RELEASE: CA ANZ reaction to International Student Cap Federal Budget Announcement...

  8. Budget must focus on substantive tax reform

    MEDIA RELEASE: Australia’s peak accounting body Chartered Accountants Australia and New Zealand (CA ANZ) says next week’s Federal Budget should include substantive tax reform, along with a roadmap and...

  9. 2024–2025 pre-budget submission

    CA ANZ calls for substantive tax reform and roadmap, and a continued focus on national debt reduction, targeted cost-of-living relief and productivity gains...

  10. Pre-budget submission 2024-25

    CA ANZ Pre-Budget Submission supports a continued focus on national debt reduction plus targeted cost of living relief...

  11. Federal Budget 2023-24 Snapshot

    From super being paid with wages to instant asset write off, here are the six budget measures you need to know...