This checklist outlines key tax changes for the 2024–25 income year across various sectors. Each item includes a brief explanation to help individuals, businesses, and professionals navigate the updates with confidence.
🧍♂️ Individuals:
These changes affect individual taxpayers and families, including adjustments to offsets and levies.
- Paid Parental Leave: From 1 July 2024, the scheme expands by 2 weeks each year until it reaches 26 weeks by 2026.
- Study & Training Loan Repayments: New thresholds and rates apply from 2024–25.
- Dependant Tax Offset: Now set at $3,300 for 2024–25.
- Low-Income Tax Offset: Continues at $700 for the income year.
- Medicare Levy Update: Lump sum arrears are excluded when calculating liability.
- Gift Deduction Change: The $2 minimum gift requirement is removed for gifts from 1 July 2024.
- Withholding Tax on BTR Developments: Reduced to 15% (from 30%) for eligible managed funds.
- Foreign Resident CGT Withholding: Rate increases to 15% and the exemption threshold is removed from 1 January 2025.
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🏢 Companies
Updates here apply to large and private corporations, especially in relation to tax transparency and financing.
- Div 7A Benchmark Rate: Set at 8.77% for private companies with a 30 June year-end.
- Multinational Reporting: Certain large enterprises must disclose country-by-country tax data from 1 July 2024.
- Thin Capitalisation Rules: New rules apply, with most changes retrospective to 1 July 2023. Debt deduction rules apply from 1 July 2024.
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👩💼 Small and Medium Businesses:
It is essential for those running small-to-medium enterprises, especially around amendments and compliance.
- Return Amendment Window: Extension from 2 to 4 years for assessments after 1 January 2025 (for 2024–25 income years).
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💰 Superannuation:
Reforms reflect increased protections and obligations for employers and super funds.
- New Objective Enshrined in Law: The purpose of superannuation is now legally defined.
- Unpaid Super Recovery: The FEG scheme will now include unpaid super from 1 July 2024.
- SG Rate Increase: The super guarantee rate increases to 11.5% from 1 July 2024.
🧾 Payroll Tax:
Changes vary by state/territory. Important for employers managing payroll compliance.
- VIC: Thresholds increased; phased deduction reductions begin.
- ACT: Payroll tax surcharge applies to certain large businesses.Set featured image
- QLD: GP wages are exempt from 1 December 2024; rebates extended to June 2025.
- NT & TAS: Payroll tax waived or rebated under certain conditions.
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🏠 Stamp Duty:
Impacts investors and businesses dealing in property.
- NSW & QLD: Foreign buyer surcharge increased (8% → 9% in NSW, 7% → 8% in QLD).
- VIC: Short-stay accommodation is now taxable; stamp duty transition begins for commercial properties (to be replaced by CIPT).
🌍 Land Tax:
A mix of thresholds, surcharges, and exemptions for different states.
- NSW: Thresholds are locked; the foreign owner surcharge rises to 5%.
- VIC: New exemptions for social housing; tax extended to more land types.
- QLD, WA, TAS, ACT: Updated rates and thresholds; COVID-related exemptions extended.
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🔄 Other Changes:
Catch-all for miscellaneous but relevant adjustments.
- Work-related Car Expenses: Cents-per-kilometre rate is now 88c.
- Car Limit: Set at $69,674; luxury vehicle threshold at $80,567.
- Producer Offset: New thresholds for Australian drama series from 1 July 2024.
- GDP Adjustment: Set at 6% for 2024–25.
- Administrative Review Tribunal: Now replaces the AAT.
- Penalty Units: Increased from $313 to $330 for offences post-7 Nov 2024.
- Digital Platform Reporting: Reduced requirements for multi-platform transactions.
- Fuel Tax Credit & Road Charge: New rates apply from August and July 2024, respectively.
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