Trending...
- IQSTEL Surges Toward $400M Run Rate with $101.5M in Revenue—Reinforces Billion-Dollar Vision Backed by Fintech, AI, and Cybersecurity
- Alpha Modus Files 7th IP Action Against Rackspace Following $3M CEO Investment and Strategic Partnership Expansion
- K2 Integrity's U.S. and EMEA Teams Recognized in Chambers and Partners 2025 Guides
BRISBANE, Australia - AussieJournal -- 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%.
More on Aussie Journal
*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-Budget-Update-2024-25.pdf
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%.
More on Aussie Journal
- Inked & Maxim Model Teisha Mechetti Turns Heads—And Builds Community Impact
- Support & Connect Launches Counselling and SLES Programs to Bridge Youth Service Gaps
- Plan to Launch Silo Technologies' Cybersecurity Pilot Program for Ultimate Nationwide Deployment via Exclusive Partnership: Stock Symbol: BULT
- Robert Michael & Co. Real Estate Team Celebrates Industry Recognition and Showcases Premier Central Florida Listings
- AI-Based Neurotoxin Countermeasure Initiative Launched to Address Emerging National Security Needs: Renovaro, Inc. (N A S D A Q: RENB)
*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-Budget-Update-2024-25.pdf
Source: McFillin Accounting
Filed Under: Business
0 Comments
Latest on Aussie Journal
- Highest Awarded Coffee Roaster Turns 15!
- Spartan & Guardians Partner with Guitar Legend Buckethead to Support Global Child Rescue Efforts
- New Poetry Collection What The Heart Carries Offers a Lifeline to the Grieving—Already Garnering Viral Praise
- 5 Signs You Need To Escape To The Country in a Cabin Made For Two
- Top 10 Tips For Tech Neck Prevention
- Ray Isaac Finds Love, Joy and Community
- A Novel-in-verse Journey To Offer Hope In The Wake Of The Climate Crisis
- Preliminary.online Introduces Short-Term Job-Readiness Courses with Employer-Verified Certifications
- Psychologist-Turned-Hermeticist Releases Modern Guide to the Seven Hermetic Principles
- Winners Announced for Asia Pacific Business Awards 2024-2025
- Hamvay-Lang and Lampone.hu Join Forces with AIMarketingugynokseg.hu to Elevate Hungarian Lifestyle Brands on the Global Stage
- Google AI Quietly Corrects the Record on Republic of Aquitaine's Legal Sovereignty
- NYC Leadership Strategist Stacie Selise Launches Groundbreaking 4S Framework Series to Redefine Executive Excellence
- Make Innovation Matter: Support H.R.1's R&D Expensing Relief for American Small Businesses
- Agreement to Supply US-Based Defense Provider with Thin-Film Solar Tech for Orbital Application; Ascent Solar Technologies, Inc. (N A S D A Q: ASTI)
- Byrd Davis Alden & Henrichson Launches Independence Day Safe Ride Initiative with 500 Free Uber Credits
- Inner Canvas Counselling Launches New Online Platform for Empowering Mental Wellness
- Common Mistakes to Avoid When Making a Public Liability Claim
- databahn Launches GenAI Sales Intelligence Platform to Revolutionize Fortune 500 and Global 2000 Account Research
- IRF Builders Forum Brings Global Leaders to Washington, D.C. to Advance Religious Freedom Through Cooperative Engagement