The 2024 Federal Budget will be handed down on Tuesday, 14 May 2024. BDO provides comprehensive coverage of the Australian Federal Budget, with our report examining the issues and measures that impact on Australian businesses, organisations and individuals.
Each year, BDO also responds to the Australian Government's call for pre-budget submissions. Submissions were due January 25. As in previous years, BDO's tax experts assessed the Australian tax landscape to develop a series of recommendations for the government to consider.
As a result of that assessment, our 2024 submission details recommendations that we believe are effective measures to encourage increased economic activity, prosperity of our country, reduced barriers to international businesses thereby increasing competitiveness, and job creation.
Prime Minister Anthony Albanese discussed his "vision for a future made in Australia" at the Queensland Media Club on Thursday, April 11, which included new programs likely to be reflected in the Budget. The measures will be supported in a proposed Future Made in Australia Act. The Government intends to look at investment where both competitive advantage and national sovereignty matters, including securing greater sovereignty over Australia's resources and critical minerals, and value-adding on resources. Read the full speech.
It's FBT reporting season, and there are a range of areas accountants and employers need to pay close attention to, to ensure compliance. Accountants Daily spoke to our tax specialists for an overview on April 3. BDO's pre-budget submission has recommended that Fringe Benefits Tax be abolished as part of a broader reform of Australia's tax system. Read the details.
The Treasurer delivered his pre-Budget speech on 13 March, with no new significant announcements. He said the Federal Budget's key items are already known - namely the changes to the stage 3 tax cuts, superannuation on paid parental leave and funding for remote housing in the Northern Territory. Read more details from ABC News.
BDO's pre-budget submission was quoted in Accountants Daily on 6 February: Trust taxation ‘in urgent need of review’. "Trust taxation rules can be unnecessarily complex, particularly those in relation to taxation trustees and beneficiaries. This complexity is not helped by the application of the rules relying on a combination of trust law concepts which are largely sourced from common law principles - some of which are very old - and tax law concepts from tax legislation and more recent cases." Read the full article covering our submission to the government.
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