What's changing on 1 July 2024?
June 9, 2024
Here’s a summary of the key changes coming into effect on 1 July 2024:
- Tax cuts reduce personal income tax rates and change the thresholds.
- Superannuation guarantee increases from 11% to 11.5% - check the impact on any salary package arrangements.
- Superannuation caps increase from $27,500 to $30,000 for concessional super contributions and from $110,000 to $120,000 for non-concessional contributions.
- Luxury car tax threshold increases to $91,387 for fuel-efficient vehicles and $80,567 for all others.
- Car limit for depreciation increases to $69,674.
- $300 energy relief credit for households comes into effect (credited automatically quarterly).
For business
- $325 energy relief credit for small business commences (for small businesses that meet the relevant State or Territory definition of a ‘small customer’).
- $20k instant asset write-off extended to 30 June 2025 (subject to the passage of legislation).
Do you have questions about this information? Talk to us today -
email us or phone our team on
02 9899 3044.
One of the big structural changes in the 2026-27 Budget is the introduction of a minimum 30% tax on the income of discretionary trusts, effective from 1 July 2028.
Under the Budget, the full FBT exemption will be phased out and replaced with a permanent 25% FBT discount and existing arrangements will be grandfathered.
Budget business measures include permanent extension of the instant asset write-off, the reintroduction of loss carry-back and reforming the R&D Tax Incentive.
