What’s changing on 1 July 2024?
Liz Gibbs • June 7, 2024
What’s changing on 1 July 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. For more information see our blog here.
- 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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Please also note that many of the comments in this publication are general in nature and anyone intending to apply the information to practical circumstances should seek professional advice to independently verify their interpretation and the information’s applicability to their particular circumstances. Should you have any further questions, please get in touch with us for assistance with your SMSF, business, bookkeeping and tax requirements. All rights reserved. Brought to you by RGA Business and Tax Accountants. Liability Limited by a scheme approved under Professional Standards Legislation.
The superannuation guarantee rules are broad and, in some circumstances, extend beyond the definition of common law employees to some directors, contractors, entertainers, sports persons and other workers.
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