The 2024 Federal Budget, which was released with a main focus on cost-of-living measures (among others) includes an energy bill relief for every household and small business.
From 1 July 2024, the following one-off rebates will be applied to energy bills:
- $300 to all Australian households, and
- $325 to eligible small businesses.
This measure includes all individuals which is different to last year’s announcement, which was targeted only at social security recipients.
The payment will be split into 4 quarterly instalments of $75, which will directly be applied to the energy bills of eligible recipients.
Impact of the announced cost-of-living measures
Example
Jeremy and Sarah both work full time, earning $75,292 and $60,000 per annum respectively. They have two children, aged two and three, who both attend long day care three days a week.
Under the Federal government’s announced changes, they will receive a combined tax cut of $2,740 and an additional $2,430 in Child Care Subsidy. They will also receive $300 in energy bill relief in 2024-25. Their net benefit from these changes is $5,470, equivalent to a 5.5% increase in their disposable income.
The team at EMspire Advisory are trusted, qualified Chartered Accountants, tax agents, and small business accountants. We work closely with our clients to achieve the best possible outcomes. To find out more, please contact us!
Please note that this information is not specific and is general in nature and cannot be relied on as advice. Please contact us for advice specific to you and your circumstances.