You may be eligible for an ATO payment plan. If you would like to discuss your options please give us a call on 03 9682 7011.
The deduction associated with the tax-free threshold for payroll tax will begin phasing out for every dollar of wages above $3 million. Businesses with wages above $5 million will not receive any benefit associated with the payroll tax-free threshold.
Please note that payroll tax varies in different states of Australia.
Stamp Duty on Commercial Properties
An annual property tax will replace land transfer duty (stamp duty) on industrial and commercial properties.
As of 1 July 2024, industrial and commercial properties will transition to the new system as they are sold. The annual property tax will be 1 per cent of the property’s unimproved land value and will be payable from 10 years after the transaction.
Concessional contributions (before-tax)
These contributions come out of your pay before income tax and you pay the 'concessional' rate of 15% tax when it goes into your super. This does increase to 30% if your income plus super contributions equates to more than $250,000 per year.
Examples of a concessional contribution?
Non-Concessional contributions (before-tax)
Non-concessional contributions come out of yours or your spouse's take-home pay after you've paid income tax.
Examples of a non-concessional contribution?
This table shows how much you are able to contribute per financial year from 1 July 2023.
| Contribution type | Cap from 1 July 2023 | Total tax rate paid |
|---|---|---|
| Concessional (before-tax) contributions | $27,500 per year plus carry-forward amounts since 1 July 2018 |
15% contributions tax or 30% contributions tax if your income plus contributions is more than $250,000 per year |
| Non-concessional (after-tax) personal/voluntary contributions | $110,000 per year or you can also use up to 3 years of cap ($330,000) under bring-forward rules, if your total super balance was less than $1.68m last financial year or no contributions allowed if your total super balance was $1.9m or more last financial year |
No contributions tax - but you do pay your normal income tax, which can be up to 47% |
2023-24 concessional and non-concessional contribution caps
The following changes will be effective as of 1st July 2024:
The updated concessional and non-concessional contribution caps are summarised below:
| Contribution Caps | 2023-2024 | 2024-2025 |
|---|---|---|
| Concessional Contributions Cap | $27,500 | $30,000 |
| Non-Concessional Contributions Cap | $110,000 | $120,000 |
| Bring forward | $330,000 over 3 years | $360,000 over 3 years |
Tax Rates
Individual tax cuts
From 1 July 2024, the amended Stage 3 tax cuts will come into effect.
| Taxable Income ($) 1 July 2020 - 30 June 2024 |
Marginal Tax Rate (%) |
Taxable Income ($) From 1 July 2024 |
Marginal Tax Rate (%) |
|---|---|---|---|
| 0 - 18,200 | Nil | 0 - 18,200 | Nil |
| 18,201 - 45,000 | 19 | 18,201 - 45,000 | 16 |
| 45,001 - 120,000 | 32.5 | 45,001 - 135,000 | 30 |
| 120,001 - 180,000 | 37 | 135,001 - 190,000 | 37 |
| Above 180,000 | 45 | Above 190,000 | 45 |
*The above rates do not include the Medicare Levy which remains at 2 per cent.
Start the new financial year off on the right foot – give us a call to discuss your plans so we can assist you to:
