Tax Updates and Benefits: What’s Changing on 1 July 2024?

Discover the major changes that will occur on July 1, 2024, which include the reduction of personal taxes, the boost in superannuation, and the energy relief credits available to both individuals and businesses. Keep yourself updated on these changes and see how they will affect you.

Major Updates and Benefits

Below is a list of the major changes that will take effect on July 1, 2024:

• Tax reductions alter thresholds and lower personal income tax rates.
• The superannuation guarantee will increase from 11% to 11.5%; verify how this will affect any wage package agreements.
• The concessional super contribution maximum is raised to $30,000 from $27,500, while the non-concessional contribution cap is raised to $120,000 from $110,000.
• The threshold for luxury car taxes rises to $80,567 for all vehicles and $91,387 for fuel-efficient automobiles.
• The car depreciation cap is raised to $69,674.
• A $300 energy relief credit for households is implemented; this credit is automatically applied every three months.

For Business

• The $325 small business energy relief credit (for small businesses that fit the applicable State or Territory definition of a “small customer”) starts to run.
• The $20,000 immediate asset write-off has been extended until June 30, 2025 (pending legislation).

Are You Prepared for 1 July 2024 Changes?

Please contact our team if you require any additional information or if you have any questions about the changes that will take place on 1 July 2024. We’re here to explain the changes and how they will affect you.

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