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.
Superannuation is tax-effective but tightly restricted. Early access is only allowed in limited cases such as financial hardship or approved compassionate grounds.
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ATO interest on overdue tax debts is no longer tax-deductible, making ATO payment plans far more expensive for taxpayers. We explore the alternatives.
