Skip to main content

Instant asset write off
The immediate income tax deduction for assets costing less than $20,000 (ex GST) will continue for another year until 30 June 2025. The measure applies to businesses with an annual turnover of less than $10M
Superannuation contributions
The maximum concessional superannuation contribution increase to $30,000 and the non-concessional contribution limit to $120,000 from 1 July 2024.
Compulsory employer superannuation contribution
The percentage rate applied to ordinary time earnings increases to 11.5% from 1 July 2024 and then 12% from 1 July 2025.
Income tax cuts
The stage 3 income tax cuts come into effect from 1 July 2024 as follows;