Tuesday, 14th May 2024

In handing down his third Federal Budget, the Treasurer, Dr Jim Chalmers, has given in to party temptation and opened Australia’s cheque book to spend. The recipients being relatively widespread, including: green incentives, cost of living support for households, housing, indigenous causes, defence, and victims of domestic violence. Given the next Federal election must be held no later than September 2025, this budget feels like an election budget, rather than a mid-term one.

However, with predictions of inflation coming under RBA targets before the end of the year, will Dr Chalmers be lucky enough to catch a wave of consumer sentiment in the Government’s favour all the way to the next election?

Pilot’s summary of the key tax and business announcements follows.

• Personal tax
• Superannuation
• Small businesses
• Strengthening compliance activity
• (Green) Future Made in Australia
• Unlucky foreign residents

Read Pilot’s summary of the key tax and business announcements.

Tuesday, 7th May 2024

With the Federal Budget being released next week we have once again gazed into our crystal ball to compile our predictions for this year’s Budget.

The Government has flagged that this Budget will deliver relief from cost-of-living pressures against a backdrop of sticky inflation and higher interest rates. We believe that the Government will take the opportunity to focus their attention on the concerns of generation next (voter), the Millennials and Generation Z.

Unfortunately, our tea leaves still do not indicate that there will be any substantial reform of the tax system, which is overly reliant on income taxes. Nor do we envisage any (long overdue) reform of the Goods and Services Tax. However, we do anticipate that there will be targeted incentives for businesses in certain sectors.

• Stage 3 Tax Cuts
• Generation next voter
  • Student debt relief
  • Limits to negative gearing
  • Changes to the Main Residence CGT Exemption?
  • CGT discount?
• Targeted business incentives