Here are Australia’s statutory updates for 2024.
2026
Changes to Superannuation
Effective July 2024
New Law to Protect Workers from Exploitation and Increase Employer Compliance
A new law, the Migration Amendment (Strengthening Employer Compliance) Act 2024, will take effect on July 1, 2024. This law introduces several measures to protect workers and create new compliance responsibilities for employers:
- Employer Bans: The government will have the authority to ban employers from hiring temporary visa holders if they are found to have exploited migrant workers under the Fair Work Act or breached their sponsorship obligations under the Migration Regulations. This is in addition to the existing ban on sponsoring temporary skilled workers.
- Pilot Programs: Two pilot programs will be introduced to protect foreign nationals from visa cancellation. These programs will encourage reporting of wrongdoing and allow foreign nationals to remain in Australia while seeking workplace justice.
- New Criminal Offenses and Penalties: The new law will establish criminal offenses and civil penalties for employers who unduly influence, pressure, or coerce a non-citizen to breach a work-related visa condition or accept an exploitative work arrangement to meet a work-related visa condition.
Source: Fragomen
Personal Tax Rates – Stage 3 Tax Cuts
As part of Stage 3 tax changes, individuals are proposed to be taxed at reduced marginal tax rates as under:
at the tax rate of 16% for income earned between $18,200 and $45,000,
at the tax rate of 30% for income earned between $45,000 and $135,000, and
at the tax rate of 37% of income earned between $180,000 and $190,000.
Source: Australia Budget
Revised Superannuation, ETP thresholds and redundancy tax-free amounts
| Effective July 01, 2024 | Effective July 01, 2023 | |
|---|---|---|
| Maximum super contribution Base | $65,070 | $62,270 |
| Super guarantee contribution rate | 11.5% | 11% |
| Life and Death Benefit ETP Cap | $2,45,000 | $2,35,000 |
| Tax free part of genuine redundancy and early retirement scheme payments | $12,524 ($6,264 for each completed year of service) | $11,985 ($5,994 for each completed year of service) |
Source: ATO
Temporary Skilled Migration Income Threshold (TSMIT) and Minimum Wage Increases
Effective July 1, 2024, the Temporary Skilled Migration Income Threshold (TSMIT) for employer-sponsored visa programs will increase from AUD 70,000 to AUD 73,150.
The national minimum wage will increase by 3.75% to AUD 915.90 per week (or AUD 24.10 per hour).
Pay As You Go (PAYG) Tables for the tax year 2024-25
Schedule 1- Changes in thresholds of Statement of formulas for calculating the amount to be withheld including Medicare levy parameter (NAT 1004)
Schedule 8 – Changes in thresholds of Statement of formulas for calculating study and training support loans components (NAT 3539) Changes in both tax-free and no tax-free thresholds of study and training support loans
Schedule 15 – Change in Taxable income threshold for working holiday makers (NAT 75331)
Source: ATO
