Key budget initiatives include:
-
The legislated stage 3 tax cuts legislated to take effect on 1 July 2024 remain in place. Stage 3 radically simplifies the tax brackets by collapsing the 32.5% and 37% rates into a single 30% rate for those earning between $45,001 and $200,000.
-
For small business, the instant asset write-off will enable multiple assets of up to $20,000 to be written-off in the year of purchase.
|