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May 2024 Budget Update and Recent Changes

Instant asset write off
The immediate income tax deduction for assets costing less than $20,000 (ex GST) will continue for another year until 30 June 2025. The measure applies to businesses with an annual turnover of less than $10M...

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Better Targeted Superannuation concessions.

No doubt you are getting questioned by clients your thoughts on the proposed $3M super measure. I even have clients considering reducing the balance of their superfund below the $3M threshold before it is law!
I remind them it is labour policy, but not law, we don’t even have any legislation. Also in its current form the $3M is not a cap on total super allowed.

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