What’s changing on 1 July 2024?

BusinessNewsTax

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).

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