Individuals

Tax cuts have been legislated for all 13.6 million Australian taxpayers

2024–25 and later income years

Increasing the Medicare levy low income thresholds

From 1 July 2023

Indexation on HELP debt to be capped to the lower of either the CPI or the WPI.

1 June 2023

Business

Instant asset write-off threshold temporarily increased to $20,000.

From 1 July 2024 until 30 June 2025

Two time‑limited tax incentives to invest in new industries:

Critical Minerals Production Tax Incentive to support downstream refining and processing of Australia’s 31 critical minerals to improve supply chain resilience

Hydrogen Production Tax Incentive to producers of renewable hydrogen to support the growth of a competitive hydrogen industry.

2027–28 to the 2040–41 income years

Extension and expansion of the Energy Bill Relief Fund

Funding for three years from 1 July 2024

All households will have $300 credit automatically applied to their electricity bills and around one million small businesses will receive $325 off their bills over 2024–25.

From 1 July 2024

Funding to support small business by:

Improving payment times to small businesses

Supporting mental health and financial wellbeing of small business owners

Ensuring confidence in the franchising sector

Providing small business with better access to justice

Funding for four years from 2024–25

Proposed changes to the Producer Tax Offset to remove:

The minimum length requirements for content

The above-the-line cap of 20% of total qualifying production expenditure.

2025–26 income year

Tax exempt entities 

Extension of transitional reporting for charities and updates to specifically listed DGRs

Various 

International

Strengthen the foreign resident CGT regime by: 

• Clarifying and broadening the types of assets on which foreign residents are subject to CGT
• Amending the point-in-time principal asset test to a 365-day testing period
• Requiring foreign residents disposing of shares and other membership interests exceeding $20 million in value to notify the ATO, prior to the transaction being executed.

CGT events commencing on or after
1 July 2025

Superannuation 

The Government will pay superannuation on Commonwealth government-funded PPL

Births and adoptions on or after 1 July 2025

Funding to support the progression of the Government’s workplace relations agenda, including:

• Pursuing unpaid superannuation entitlements owed by employers in liquidation or bankruptcy from 1 July 2024
• Supporting workplaces to implement policy changes such as the introduction of payday superannuation.

Funding for four years from 2024–25

Funding to support the delivery of Government priorities in the Finance and Treasury portfolio including:

• Implement the 2023–24 Budget measure Better Targeted Superannuation Concessions for members of the Commonwealth defined benefit superannuation schemes
• SuperStream Gateway Network Governance Body

Funding over four years from 2024-25

Compliance 

Extend the Tax Avoidance Taskforce 

Funding over two years from 1 July 2026

Extend the Personal Income Tax Compliance Program 

Funding for one year from 1 July 2027

Extend the Shadow Economy Compliance Program 

Funding over two years from 1 July 2026

ATO funding to strengthen its ability to detect, prevent and mitigate fraud against the tax and superannuation systems

Funding over four years from 1 July 2024

Funding for the ATO for various matters including:

• Requirements of existing and new child care providers (relating to the Child Care Subsidy Program)
• Improving the Government’s Digital ID, myGovID and other systems
• Data-matching pilot between the Department of Home Affairs and the ATO
• Overseeing / operating the secure eInvoicing network

Various

Other measures 

Funding to strengthen Australia’s Anti-Money Laundering and Counter-Terrorism Financing Act 2006, to enhance Australia’s ability to detect and disrupt illicit financing.

Funding over four years from 2024–25

Women’s Budget Statement — various measures that focus on four priorities 

Various 

Funding to modernise regulatory frameworks for financial services to improve competition and consumer protections for services enabled by new technology.

Funding over four years from 2024–25

Funding to implement a social security means test treatment for the military invalidity payments affected by the Federal Court’s decision in FCT v Douglas [2020] FCAFC 220.

Funding over five years from 2023–24

Funding to deliver key aged care reforms and to continue to implement recommendations from the Royal Commission into Aged Care Quality and Safety. 

Funding over five years 2023–24

New Aged Care Act — deferred commencement date

1 July 2025

Social security deeming rates will freeze at their current levels

Until 30 June 2025

Increased flexibility for recipients of Carer Payment —the existing 25 hour per week participation limit will be amended to 100 hours over four weeks.

From 20 March 2025

Commonwealth Rent Assistance maximum rates to be increased by 10%

20 September 2024

Eligibility for the existing higher rate of JobSeeker payments has been extended 

20 September 2024

General

Amendments to previously announced measures: 

• • Australian plantation forestry entities are exempt from the new earnings-based test, thin capitalisation rules
  • Giving the Commissioner a discretion not to use a taxpayer’s refund to offset old tax debts – where the old tax debt was put on hold before 1 January 2017
• Extending income tax exemption to World Rugby and/or related entities in relation to income from Rugby World Cup events for the 2023–24 to 2030–31 income years (incl.)

Deferring the start date for Tax Integrity — expanding the general anti-avoidance rule in the income tax law 

Income years starting on or after the day the amending legislation receives Royal Assent

Changing the start dates for certain components of the Streamlining excise administration for fuel and alcohol package 

The day after Royal Assent

Measures not proceeding:

• Denying deductions for payments relating to intangibles held in low- or no-tax jurisdictions measure — announced in the 2022–23 October.

Previous Government’s 2019 –20 Budget measure Black Economy – strengthening the Australian Business Number system.