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The first tier tax bracket falls to 16 cents and middle income thresholds expanded.
Super contribution limits
2017-18 to 2025-26 and 2026-27 Substantial changes in the superannuation concessions and limits apply from 1 July 2017 and through subsequent years.
Depreciation Depreciation categories, rates and calculations, including instant write-off concessions for businesses.
group certificates-payment summaries The information from payment summaries (also referred to as group certificates) is needed for tax return preparation. Most summaries are now being made available via the single touch payroll processing arrangements.
tax free threshold For taxpayers on low incomes, the effective tax free threshold is higher than the nominal amount of $18,200 specified by the tax scale.
reasonable travel allowance rates The ATO provide “reasonable” expense claims for overtime meals, domestic travel, employee truck drivers and overseas travel. These schedules are revised annually.
‘low income tax offset’ or ‘LITO’ The Low Income Tax Offset is a reduction of tax for lower income earners. The LITO and the tax free threshold combine to ensure that the lowest income earners don’t pay any tax.
HECS debt and HELP loans The student Higher Education Loan Program repayments are recovered by the Tax Office at a percentage rate in your tax assessment, based on your annual income. The repayment rates are adjusted each year in June.
medicare levy and surcharge For tax residents of Australia, the medicare levy is added to your tax bill once your income reaches a certain level. A medicare surcharge is added if you don’t have basic hospital insurance for yourself and any dependents.
Tax scale amendments reduce the benefit of stage tax 3 cuts for higher income earners, and improve the tax scale for lower income earners. The changes are applicable from 1 July 2024.
The government has allocated $1 billion to help (mainly) manufacturing and logistics businesses deal with market disruptions caused by current conflicts and the effects on input prices.
Zero-interest loans of up to to 2 years are available.
Applications are made through participating banks.
Businesses and Sole Traders impacted by increased fuel prices can apply for a “tailored payment plan” via online services or their registered tax agent, under arrangements announced by the ATO on 1 April 2026.
The plan involves no upfront payment and a 3-year payment plan period of 36 equal monthly instalments. Interest (GIC) charges will be remitted provided lodgments are up to date and installments are maintained for 3 months.
Low-Income Superannuation Tax Offset (LISTO) will be increased by $310 to $810 and income eligibility threshold $45,000 (from 1 July 2027)
Large Superannuation Balances
From 1 July 2026 the tax rate on earnings for super balances between $3 million and $10 million will be 30 per cent and on balances over $10 million the rate will be 40 per cent.
The earnings calculation will be adjusted so that the new tax rates only apply to future realised earnings.
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