Two weeks have passed since the Federal Budget, and the initial headlines have settled. Now it’s time to look a little deeper — past the announcements and into what the measures actually mean in practical terms for individuals and business owners heading into EOFY and the new financial year.
One of the most consistent patterns in Budget reporting is that announcements are covered as facts before they’re legislated. The reality is more nuanced.
Proposed measures go through parliament, where they can be passed as announced, amended, delayed, or defeated. Some measures take effect from the Budget night itself. Others apply from the start of the next financial year, or from a future date entirely.
When we assess a Budget measure for clients, the first question is always: Has this passed? And if so, when does it take effect? The answer determines whether it’s relevant to your current year planning or something to prepare for in the year ahead.
For Individuals: The Practical Read
Marginal tax rates
Superannuation policy
Medicare and health
For Business Owners: The Practical Read
Depreciation and asset write-off
Energy incentives and investment allowances
Employer and wage obligations
EOFY Is Five Weeks Away
Whatever the Budget has introduced, another reality for most clients right now is that 30 June is approaching quickly. Strategies need to be executed, contributions need to be made, and records need to be in order.
If you haven’t yet had your EOFY planning conversation with us, now is the point at which timing genuinely starts to matter. Some actions — particularly super contributions and asset purchases — require lead time that disappears as June progresses.
Reach out to the team at James Bouzios & Associates to lock in your EOFY position before the window closes. We’ll factor in any relevant Budget measures and make sure your planning reflects the current rules.
*This article is general in nature and does not constitute financial or legal advice. Budget measures are subject to parliamentary passage and may change. For advice specific to your circumstances, contact a registered tax professional.*
