What’s changing on 1 July 2024?

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• 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).