The Recent Federal Budget Reviewed

By: McFillin Accounting
 
BRISBANE, Australia - May 17, 2024 - PRLog -- The Treasurer is promising that inflation will decline by 0.75% as a direct result of the 2024-25 Federal Budget initiatives including energy relief for all households, a boost to Commonwealth Rent Assistance, and the freezing of the maximum co-payment on the Pharmaceutical Benefits Scheme.

Let's have a look at some of the key measures:

*Previously announced Stage 3 tax cuts
*$300 energy bill relief for all Australian households and $325 for eligible small businesses – applied as an automatic quarterly credit.
*Student HELP debts will be cut by changing the way indexation is calculated. From 1 June 2023, it will be the lower of the CPI or the Wage Price Index (WPI), reducing the debt accumulated by more than 3 million Australians when the CPI spiked to 7.1%.
*Increase to the Commonwealth rent assistance maximum rates by 10% from 20 September 2024.
*One year freeze on the maximum Pharmaceutical Benefits Scheme (PBS) patient co-payment for Medicare card holders and a five-year freeze for pensioners and other concession cardholders.

Those with large superannuation balances will be disappointed that the 30% tax on super earnings on balances above $3 million remains in place, this is set to commence from 1 July 2025.

You can read our full ujpdate here: https://mcfillin.com.au/wp-content/uploads/2024/05/MFP-Bu...
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Source:McFillin Accounting
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Industry:Business
Location:Brisbane - Queensland - Australia
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