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).