What’s Changing On 1 July 2024?

Here’s a summary of the key changes coming into effect on 1 July 2024:

• Tax cuts will lower some personal income tax rates and adjust the tax rate 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 on 1 July 2024 (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).

Want to know how these changes may impact you or your business on 1 July 2024? Contact our team today for individual advice!

Click here for a full breakdown of the 2024-25 Federal Budget.

This is general advice only and has not been prepared with your situation and needs in mind. For individual and personalised advice, we highly recommend that you seek out proper professional advice from your advisers.