Published: April 7, 2025
The Australian government has announced significant tax changes for the 2025 financial year. Here’s what you need to know about the new regulations and how they’ll affect you.
"These changes are designed to benefit low- and middle-income earners, while also encouraging savings and investment," said Treasurer Jim Chalmers.
— Sydney Morning Herald
The government has introduced a new tiered income tax structure that reduces the tax burden for the middle class. If you earn under $90,000, you’ll pay less tax, freeing up more disposable income for saving or spending.
New tax breaks for first-time home buyers are being introduced. Under these new rules, first home buyers can claim up to $5,000 in tax relief when purchasing their first home. This should help with deposit requirements and making that first step onto the property ladder.
Superannuation contributions will now be taxed at a flat rate of 15% (down from 20%), encouraging Australians to save more for retirement. This is great news for high-income earners looking to boost their superannuation balance.
Small businesses will benefit from increased deductions on equipment and asset purchases. The government has introduced a 25% tax break on new equipment purchases up to $30,000.
Stay ahead of the game and keep your finances in order. For more updates on tax policies and financial advice, stay tuned to StackD.
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