I am pleased to present to you an update on the latest Federal Budget, which has been put together to address the interests and concerns of our property investors and small to medium-sized business clients.

The Federal Treasurer, the Hon Dr. Jim Chalmers MP, has delivered a budget that promises minimal direct impact on the financial advice we provide, yet brings forth several highlights that could influence your investment and business decisions. These include the re-statement of Stage 3 tax cuts, measures to alleviate energy bills, an increase in rent assistance, an extension of the deeming rates freeze, additional housing assistance, and bolstered support for small businesses.

Taxation and Business Support

For individual taxpayers, the Stage 3 tax cuts remain unchanged, ensuring continuity in your financial objectives. Small business owners will be pleased with the extension of the $20,000 instant asset write-off, allowing for immediate deductions on eligible assets and improving cash flow

Strengthening Tax Compliance

The budget also emphasises strengthening tax compliance and counter-fraud activities, which is crucial for maintaining the integrity of our financial systems. An extension of the ATO Personal Income Tax Compliance Program and a new ATO Counter Fraud Strategy are set to enhance the government's ability to detect and mitigate fraud.

Investment Attraction and Facilitation

A notable inclusion is the establishment of a single front door for major investors, streamlining the investment process and fast-tracking major projects. This initiative aligns with our commitment at WSC Group to work alongside you in achieving your investment goals.

Housing and Cost of Living

The budget addresses the housing crisis with additional funding for social housing and homelessness services, training for construction workers, and support for social and affordable housing. These measures are particularly relevant if you are a property investor, providing opportunities and insights into the housing market.

Energy Bill Relief

In response to the cost-of-living pressures, the government has extended the Energy Bill Relief Fund, offering rebates to households and eligible small businesses. This initiative is designed to ease the financial burden and supporting sustainable growth.

In conclusion, the Federal Budget 2024 includes some targeted measures that support our clients' aspirations. At WSC Group, we remain dedicated to navigating these developments with you and ensuring that your financial goals are met with strategic expertise and personalized service.

Warm regards, David Shaw CEO, WSCG Financial Services Firm

Please note that this update is intended for informational purposes only and should not be considered as financial advice. For personalised financial guidance, we encourage you to reach out to our team of experts.