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Federal Budget 2024 proposals – Moneywise Global
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Federal Budget 2024 proposals

Previous announcements:

  1. From 1 July 2024, the super guarantee percentage that is required to be paid by employers to their employee’s super accounts, will increase from 11.0% to 11.5%.
  2. From 1 July 2024, annual contribution caps will increase as follows:
    • Concessional contributions from $27,500 p.a. to $30,000 p.a.
    • Non-concessional contributions from $110,000 p.a. to $120,000 p.a. Under the 3-year bring forward provisions, the non-concessional cap increases from $330,000 to $360,000.
  3. New individual income tax rates and thresholds will come into effect from 1 July 2024.
Taxable income Marginal tax rate Tax payable
$0–$18 200 0% Nil
$18,201–$45 000 16% 16% on the excess over $18,200
$45,001–$135 000 30% $4,288 plus 30% on the excess over $45,000
$135,001–$190,000 37% $31,288 plus 37% on the excess over $135,000
Above $190,000 45% $51,638 plus 45% on the excess over $190,000

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