We provide you a summary of all the enacted legislation that comes into effect from 1 July 2024, these changes vary to apply to individuals, businesses, welfare recipients among others.
#1 Stage 3 tax cuts
After being enacted with amendments by the Labor government, the stage 3 tax cuts came into effect from 1 July 2024 giving each Australian individual a tax relief.
The tax cuts mean you get to take home more of your salary every payday as less of it will be given to the ATO, effectively giving you a pay rise.
#2 Increased paid parental leave
Under the Federal government’s changes to paid parental leave program to boost gender equality, eligible parents of babies born after 1 July 2024 will get access to an extra two weeks of publicly funded leave, going up to a total of 22 from 20 weeks.
Another two weeks will be added annually at the start of the 2025–26 and 2026-27 income years.
#3 Increased superannuation guarantee
The superannuation guarantee will increase on 1 July 2024 from 11 to 11.5%, putting more money into the super accounts of full-time, part-time and casual workers.
Like paid parental leave, it will also increase again on 1 July 2025 to 12%.
#4 Energy bill relief
A key measure announced in the 2024 Federal budget was $300 in energy bill relief for every household in the 2024–25 financial year.
This will be in the form of quarterly $75 rebates that will automatically be applied to your energy bills.
#5 Welfare payments
Welfare payments recipients using the following 5 schemes are set to go up from 1 July 2024:
- Family Tax Benefit (Parts A and B)
- The Multiple Birth Allowance
- Newborn Supplement
- Stillborn Baby Payment and
- Essential Medical Equipment Payment
Contact us
Please feel free to contact our office, should you need more information on these changes or discuss how these changes may apply to you or your business.
The team at EMspire Advisory are trusted, qualified Chartered Accountants, tax agents, and small business accountants. We work closely with our clients to achieve the best possible outcomes. To find out more, please contact us!
Please note that this information is not specific and is general in nature and cannot be relied on as advice. Please contact us for advice specific to you and your circumstances.