14/05/2024
BENEFITS FROM THIS YEAR’S FEDERAL BUDGET TO YOU?
(Key benefits in summary)
TAX BENEFITS:
Tax rates from July 1 2024
$0 -$18,200- 0%
$18,201- $45,000 - 16%
$45,001- $135,000 - 30%
$135,001-$190,000 - 37%
$190,001+ - 45%
( for each category above thresholds apply)
- Stage 3 tax cuts will save those in the highest tax bracket $4,529 annually and the average taxpayer $1,888 yearly, effective from July 1.
- Medicare levy thresholds have been increased, benefiting singles, families, seniors, and pensioners.
- Small businesses can continue to immediately deduct the full cost of eligible assets costing less than $20,000 until June 2025.
COST OF LIVING RELIEF
- $300 rebate for all Australian households and $325 rebate for eligible small businesses on their 2024–25 energy bills.
- Freeze on Pharmaceutical Benefits Scheme (PBS) patient co-payment for one year for everyone with a Medicare card and five years for pensioners.
EDUCATION SUPPORT
- HELP indexation rate capped to the lower of either the Consumer Price Index or the Wage Price Index, benefiting students with existing loans.
PARENTAL SUPPORT:
- Superannuation payments for Commonwealth government-funded paid parental leave for births and adoptions on or after July 1, 2025.
SOCIAL SECURITY
- Commonwealth Rent Assistance increased by 10% for social security recipients who are renters from September 20, 2024.
- Deeming rates for financial investments for income-tested social security recipients remain frozen until June 30, 2025.
- Changes to eligibility for the higher rate of JobSeeker payment for single recipients with a partial capacity to work.
- Amendment to the participation limit for Carer Payment recipients from 25 hours per week to 100 hours over four weeks, with suspended payments for exceeding limits.
Disclaimer
The information provided here is of a general nature and does not constitute advice. Tax information serves as a guide and is based on our understanding of tax laws; it should not replace professional advice. For personalized guidance on the information above, consult a registered tax agent or licensed professional. Please refrain from solely relying on this information