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.
  • 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.


For more information contact a Forsyths team member today. 

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Disclaimer: Any representations, opinions or statements are based on our understanding of the relevant legislation as at the date of issue. Although every effort has been made to verify the accuracy of the information contained in this material, Forsyths, its officers, representatives, employees and agents disclaim all liability (except for any liability which by law cannot be excluded), for any error, inaccuracy in, or omission from the information contained in this material or any loss or damage suffered by any person directly or indirectly through relying on this information.

Warning: This information is of general nature only and is not intended as a personal advice. It does not take in to account your particular investment objectives, financial situation and needs. Before making a financial decision, you should assess whether the advice is appropriate to your individual investment objectives, financial situation and particular needs. We recommend you consult a professional financial adviser who will assist you. Any references to past investment performance are not an indication of future investment returns. You should also obtain a copy of and consider the Product Disclosure Statement (PDS) for any financial product mentioned before making any decision to acquire a financial product.

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