What’s changing from 1 July 2024

Here's a summary of the key changes coming into effect from 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).
  • Parental Leave Pay will be expanded to 22 weeks, up from 20 weeks. Payments are made at the national minimum wage. The amount of leave parents can claim will increase by two weeks until it reaches 26 weeks from July 2026. This amount is shared between parents. Currently, two weeks of leave are set aside for the second parent who is not using the majority of leave.
  • The Fair Work Commission announced that the minimum wage and award wages will increase by 3.75 per cent on 1 July 2024. The decision will impact about 2.6 million workers. The minimum wage will increase to $24.10 per hour or $915.90 per week, based on a 38-hour working week.

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).