2024/25 Tax Updates

Key changes for Individuals in the 2024-25 Financial Year

1. Paid Parental Leave Scheme Expansion
- From 1 July 2024, an extra 2 weeks’ leave will be added each year until the scheme reaches 26 weeks (full implementation by July 2026).

2. Work From Home Fixed Rate
- The fixed rate for claiming work-from-home expenses is 70c per hour for the 2024–25 year.

3. Cents per Kilometre Increase
- The rate for car expense claims using the cents per kilometre method is now 88c per kilometre.

4. Low Income Tax Offset
- The low-income tax offset remains at $700 for the 2024–25 year.

5. Deductible Gifts – De Minimis Requirement Removed
- For gifts made from 1 July 2024, the $2 minimum requirement is abolished.

6. HELP/Study and Training Repayment Thresholds
- New thresholds and rates apply for 2024–25 repayments for HELP and other student debts.

7. Tax Help Program
- The free Tax Help income eligibility threshold rises to $70,000 for 2024–25.

8. Superannuation Guarantee Rate
- The Superannuation Guarantee (SG) rate increases to 11.5% from 1 July 2024.