Changed from, 1 July 2024
In case you've missed it, or need a recap, here is a quick list of what changed on 1 July 2024:
- Super guarantee charge increases from 11% to 11.50%
- The Concessional Superannuation contributions cap increases from $27,500 to $30,000
- The Non-Concessional Superannuation contributions cap increases from $110,000 to $120,000
- The National Minimum wage increases to $24.10 per hour
- The Victorian Payroll Tax threshold increases from $750,000 o $900,000
- ASIC's annual review fee increases to $321
- The Motor Vehicle depreciation cost limit increases from $68,108 to $69,674
- The Luxury car tax threshold increases to $91,387 for fuel efficient vehicles and $80,567 for other vehicles
Changes to individual tax rates and thresholds as follows:
| Resident tax rates 2024-25 | |
| Taxable income | Tax on this income |
| 0 - $18,200 | Nil |
| $18,201 - $45,000 | 16c for each $1 over $18,200 |
| $45,001 - $135,000 | $4,288 plus 30c for each $1 over $45,000 |
| $135,001 - $190,000 | $31,288 plus 37c for each $1 over $135,000 |
| $190,001 and over | $51,638 plus 45c for each $1 over $190,000 |
| The above rates do not include the Medicare levy of 2% | |
