Federal Budget Virtual Seminar | Available On-Demand

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With the Australian economy the weakest it has been in 23 years, Labor has handed down its third Federal Budget delivering its second consecutive surplus, and setting the Government’s agenda as we head into an election cycle.

While an election is expected by May next year and a pre-election Budget tipped for March 2025, this Budget’s prime focus is on securing Australia’s economic sovereignty, with initiatives such as the Future Made in Australia Act at the forefront.

The Government announced a $9.3b surplus this year off the back of generous company tax receipts – a pleasant surprise after the $1.1b deficit forecasted in the Mid-Year Economic and Fiscal Outlook in December. However, this will swing into a $28.3b deficit in 2024-25, with greater deficits in the years following than previously forecasted. Net debt is sitting at $499.9b, and NDIS spending has increased by $5.4b, to $44.3b in 2023-24.

Is this Budget an economic plan to reduce inflation through responsible spending?

Vince Tropiano

Vince Tropiano

  • Partner - Tax


Spending highlights



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Tax overview

International Tax

  • Thin capitalisation
  • Foreign resident capital gains tax regime 
  • Payments relating to intangibles held in low- or no-tax jurisdictions

Funding Support for the Australian Tax Office  

  • ATO Counter Fraud Strategy 
  • Extending Shadow Economy Compliance Program 
  • Extending Tax Avoidance Taskforce 

Personal Tax

  • Stage 3 Tax Changes
  • Extending the personal income-tax compliance program
  • Medicare


Business Incentives

  • Small Business new power bill relief
  • Small Business instant asset write-off
  • Improving Payment Times Reporting for small businesses 
  • Modernising and Digitalising Industries

Innovation Incentives

  • Research and development tax incentive 
  • Critical minerals production tax incentive 
  • Hydrogen production tax incentive 

Government grants  

  • $3.2b in Australian Renewable Energy Agency (ARENA) 
  • Powering Australia Industry Growth Centre and Future Battery Industries Cooperative Research Centre 
  • Continued strategic critical minerals investments  
  • Net Zero Economy Authority 
  • Defence Industry Development Grant  
  • National Reconstruction Fund and Industry Growth Program 

Federal Budget Virtual Seminar | Available On Demand

Unpack the proposed budgetary spending

Watch our national Federal Budget Virtual Seminar, where Journalist and Television Presenter Hugh Riminton, Chief Economist Besa Deda, and Grant Thornton Partner Jared Grima unpack the proposed Budget spending and how the Budget will impact Australian businesses.
Following this session, tax specialists Daniel Kave, Christine Cornish and Anika Reside facilitate a deep dive into the tax implications and how to prepare your business.

Federal Budget 2024 First Impressions

Watch our Federal Budget recap with Grant Thornton Partners Vince Tropiano and Cliff Chang as they give their first impressions on the Federal Budget. Hear about the key spending and what this means for you and your business.

Federal Budget 2024 Recap with Grant Thornton Australia Tax Experts

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