Important Updates from the 2024 Australian Government Budget

1. Energy Bill Rebate: Starting July 2024, Australian households will automatically receive a $300 rebate on their electricity bills, providing much-needed financial relief and peace of mind. For businesses, there’s a $325 rebate available, aiding in operational cost reductions and promoting financial stability.

2. Student Support: The reduction in HELP/HECS fees indexation is set to ease the financial burden on students. Additionally, those undertaking practical placements, such as future teachers and nurses, will benefit from the "Commonwealth Prac Payment" to cover living costs, ensuring they feel supported and valued during their critical training periods.

3. Paid Parental Leave: From 1st July 2025, Paid Parental Leave will include a superannuation contribution, offering upcoming parents enhanced financial security and peace of mind as they focus on their growing families.

4. Business Asset Write-Off: Business owners can now take advantage of a significant opportunity—any asset purchased for under $20,000 can be fully claimed within the year of purchase. This initiative is designed to stimulate growth and innovation within businesses, providing a sense of empowerment and progress.

5. Tax Brackets Adjustments: The threshold for the top tax rate will be increased from $180,000 to $190,000, and those earning under $135,000 may see a tax reduction of up to 7%. These changes are aimed at increasing disposable income, thereby enhancing financial well-being and reducing economic stress. Note that these tax rates exclude the 2% Medicare levy.