As the Federal Budget is announced, it introduces several key measures aimed at balancing the cost of living with economic stability. Join Thabojan Rasiah and Simone Murray in our latest podcast as they provide detailed analysis and actionable advice on these updates.

Key Tax Changes

From July 1, 2024, the budget introduces tax cuts across various income brackets, enabling savings like $929 annually for those earning $50K and $4,529 for incomes over $200K. Additionally, enhancements to the Low-Income Tax Offset (LITO) and the Seniors and Pensioners Tax Offset (SAPTO) will raise tax-free thresholds, benefiting eligible individuals. Adjustments to Medicare Levy thresholds will also help reduce the financial burden for many.

Enhancements in Social Security

This year's budget keeps deeming rates steady and allocates additional funding for quicker social security services. It also increases carer and job seeker payments from September 2024 and boosts rent assistance by 10% to help with rising housing costs.

Support for the Elderly and Energy Relief

The budget funds more home care packages, potentially reducing waiting times for aged care services. Additionally, a universal $300 energy bill rebate will be applied quarterly starting from July 2024, with eligible small businesses receiving a $325 rebate.

Superannuation and Employment Perks

Significant updates include the superannuation guarantee charge (SGC) increasing to 11.5% by July 2026. Paid parental leave will extend incrementally from 22 weeks in July 2024 to 26 weeks by July 2026.

Strategic Financial Planning

As we digest these updates, it's clear that they provide numerous opportunities to enhance our current financial strategies, especially as we continue to implement Pillar Two for all our clients. This integration ensures that every legislative update is not just understood but turned into a strategic advantage for you. Join us as we navigate these changes together, tailoring our approaches to align with your personal and financial aspirations.

Stay informed and prepared with Rasiah Private Wealth Management as we continue to provide you with the knowledge and tools needed for financial success. For a deeper dive into how these changes affect you and to discuss any questions, tune into our detailed podcast or reach out directly.