The end of the financial year is fast approaching, which means there are new laws about to kick in.
Here’s an overview of the tax, super and other major changes coming into effect from July 1.
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There are no changes to personal income tax rates and thresholds in the upcoming financial year.
It’s worth noting that the low and middle income tax offset (LMITO) is no longer available in the current 2023-23 financial year, and will not be available in the future year either. The legislated stage three tax cuts are due to come into effect next year from July 1, 2024.
The income threshold for the Medicare levy surcharge will also be increased for those without private health insurance.
From July 1, the income threshold for singles will increase from $90,000 to $93,000 before the tax applies, while for families it will increase from $180,000 to $186,000.
The super guarantee rate will increase from 10.5 per cent to 11 per cent. This means your employer will be putting a higher percentage of your pay into your retirement nest egg.
The guarantee will keep increasing for the next two years by 0.5 per cent until it reaches 12 per cent from July 1, 2025.
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