Here’s a summary of the key changes coming into effect on 1 July 2024.
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).
For taxpayers
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).
Need support or have questions? Talk to us today about maximising your outcomes and reducing your risks. Call Collins Hume on 02 6686 3000.
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