When the Federal Treasurer Jim Chalmers handed down this year’s budget in mid-May 2024 it looked like not much change for apartment owners at first glance. At Jamesons one of our core values is to find ways to save you money, so we delved a bit further, we have put together a snapshot for you on where you may win or lose financially in the coming year.
What you need to know
- Anyone with a mortgage will be glad to see that inflation is expected to stay around 3% (lower than previously forecast) which may slow the focus on mortgage interest rate increases.
- If you are an owner occupier and still working you may benefit from the increase in take home pay from July 2024 coming from the Stage 3 tax cuts. The tax thresholds were amended slightly, however, most individuals can expect to see at least a $2000 yearly reduction in their tax from July.
- Whether you are still working or not, you will benefit from cost of living relief via a $300 energy bill rebate to all households. For those of our customers where specific plan discounts have been negotiated this rebate will be added to those prices, lowering your outlay even more.
- Talking about energy bills, there will be a focus on clean energy over the next 11 years. There will be support for the manufacturing of solar batteries and other technologies of lean energy and manufacturing innovation with funding of $1.4 billion. This may mean that the cost of solar energy installation and maintenance for apartments will continue to become more affordable.
- If you are an apartment investor with rental income from a property deemed to be in the community housing sector you will benefit from a 10% increase in the Commonwealth Rent Assistance scheme over 5 years which helps address rental affordability for low income households.
- For those customers who are owners or investors residing overseas, you may wish to check with your local financial advisers on the implications for you from the changes to the Foreign Resident Capital Gains Tax Regime.
