Superannuation & Tax Changes – 1 July 2024

Superannuation Contribution Limits

From 1 July 2024:

  • Concessional contributions cap will increase from $27,500 to $30,000.  Concessional contributions include employer contributions, salary sacrifice contributions and personal contributions for which you claim a tax deduction for.
  • Non-Concessional contributions cap will increase from $110,000 to $120,000.
  • Bring forward rules, which allow you to make up to three years’ worth of non-concessional contributions in one year, will increase from $330,000 to $360,000.

Superannuation Guarantee Charge

The compulsory superannuation guarantee charge will increase from 11% to 11.5% with effect from 1 July 2024.  Most payroll systems will automatically accommodate this however please review your systems to ensure this has been updated.  All businesses should be budgeting for this additional cost.

Revised Tax Cuts

The revised tax cuts bill has now passed both houses of parliament.  From 1 July 2024:

Taxable IncomeTax On This Income
$0 – $18,200Nil
$18,201 – $45,00016c 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
$190,000 and over$51,638 plus 45c for each $1 over $190,000
Please contact us on (07) 3910 5675 or [email protected] if you require further assistance in this area.

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