2023/24 Tax Updates

Key changes for Individuals in the 2023-24 Financial Year

1. Cents per Kilometre Rate
- From 1 July 2023, the rate for work-related car expenses using the cents per kilometre method has increased to 85 cents per kilometre.

2. Disaster Payments and Grants
- Certain disaster relief payments are classified as non-assessable non-exempt (NANE) income, meaning they are non-taxable and do not need to be included in your tax return.

3. Down-sizer Contributions to Superannuation
- The eligible age to make down-sizer contributions to your superannuation from the proceeds of selling your home has been reduced. From 1 January 2023, the eligible age is 55 years or older.

4. Veterans' Super (Invalidity Pension) Tax Offset
- Veterans should wait until the last week of July to lodge their tax return to ensure all necessary data is available for calculating the Veterans' Superannuation (Invalidity Pension) Tax Offset.

5. Territories Stolen Generate Redress Scheme
- The Territories Stolen Generations Redress Scheme, administered by the National Indigenous Australians Agency, offers financial and wellbeing support to survivors who were removed as children from the Northern Territory, Australian Capital Territory, or Jervis Bay Territory.
- Payments from the scheme, which opened on 1 March 2022 and closes on 30 June 2026, are non-assessable non-exempt (NANE) income and do not need to be included in tax returns.

6. Home Guarantee Scheme Expansion
- Australian Permanent Residents: Previously limited to citizens, the First Home Guarantee, Regional First Home Buyer Guarantee, and Family Home Guarantee will now include Australian Permanent Residents.
- Former Property Owners: The schemes will allow previous property owners who haven't owned property in Australia for the past ten years.
- Broader Criteria: Joint applications will be open to friends, siblings, and other family members, not just couples.
- Single Legal Guardians: Expands eligibility to single legal guardians of children (e.g., aunts, uncles, grandparents).