Budget 2024 wrap-up and what to do before June 30!

What to expect:

Every budget presents an element of uncertainty, but regardless what the government releases, here’s how we’ll guide you through it:

• Policy changes: what the government has decided to keep, or remove.
• Most important picks: instead of reading a full report of everything under the sun, we’ll focus on what will affect making decisions in your business the most.
• What to do next: what should you be doing before June 30 and how to make the most of incentives and avoid new legislation that may cause your business issues.
• Asking the big questions: 
  • Will there be further measures to manage inflationary pressures?
  • Are business asset tax write-off limits going to increase to $30,000?
  • How harsh will the ATO be with compliance this year?
  • Will there be another round of energy bill relief for businesses?

Why staying informed matters for your business strategy

As dry as it may seem, past budgets have shown us that they have a real impact on the month-to-month operations of businesses and your tax returns. Being ahead of changes can significantly prepare you for better outcomes.

For example, in 2023, we learned that:

• The instant asset write-off cap at $20k would’ve thrown off businesses who were intending to purchase assets above that threshold in the hopes of writing it off in the same year.
• electric vehicle concessions made it tax-effective for businesses to invest in green technology.
• Millions of dollars in compliance measures for superannuation guarantee and GST being no hollow warning: businesses not on top of their lodgements and payments saw the ATO chasing them down with harsher penalties.

Did you take action on any of these last year? If not, it’s never too late to get started with the next budget.

And it doesn’t need to be a headache. See how Optimised Accounting’s director, Shaun Farrugia, breaks down complex subjects into actionable steps you can apply right away:

Shaun has over 20 years of industry experience and understands the growth, tax and financial issues of growing businesses. As director of Optimised Accounting, who are entrepreneurs first and accountants second, he has built a team that takes care of not only the ‘business as usual’ accounting work but also providing practical guidance with growth and navigating the business challenges that come up on your entrepreneurial journey.

We’ve been in your shoes and speak your language – straightforward, sensible, and with a good laugh.

The unpredictable economic environment is difficult enough without additional curve balls of government changes, so join us to stay in the loop.