【KPMG Global】Australia – Highlights of Federal Budget 2024-25_ Tax, Superannuation, and Immigration
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© 2024 KPMG, an Australian partnership and a member firm of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private
English company limited by guarantee. All rights reserved. Printed in the U.S.A.
2024-115 | May 17, 2024
1
GMS Flash Alert
2024-115 | May 17, 2024
Australia – Highlights of Federal Budget 2024-25: Tax,
Superannuation, and Immigration
The Federal Budget 2024-25 was delivered by Australia’s government on 14 May 2024.1
The Budget contains several tax, superannuation, and immigration measures, including the highly
anticipated Stage 3 of personal income tax cuts (originally announced in 2018).
To access analysis of the key measures and financial announcements from the 2024-25 Federal
Budget and what it means for businesses and the economy, see “Australian Federal Budget 2024,”
a website of the KPMG International member firm in Australia dedicated to the Federal Budget.
The government’s full budget papers are available here.
(For coverage of last year’s Budget, see GMS Flash Alert 2023-098, 12 May 2023.)
WHY THIS MATTERS
Changes to personal income tax and superannuation guarantee rates may require manual amendments to
existing payroll processes and calculators for globally mobile employees.
Several migration announcements target cost-of-living relief for students and apprentices while investing in
skills needed for the child-care, housing, construction, and energy sectors.
Employers should take care that tax and immigration aspects are considered as part of recruiting and
retaining talent from overseas, in order to take full advantage of concessions and exemptions available.
Careful planning can result in an increase in the value provided to employees with a reduction in costs borne
by the employer.
Given the impact of the superannuation changes to the operation of Australian payroll/shadow payroll, these
changes should be communicated to relevant stakeholders as soon as possible, to help ensure that payroll
processes and software can be updated in a timely fashion.
© 2024 KPMG, an Australian partnership and a member firm of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private
English company limited by guarantee. All rights reserved. Printed in the U.S.A.
2024-115 | May 17, 2024
2
Tax and Superannuation Key Highlights
Personal Income Tax Rates and Changes to Medicare Levy and Surcharge Income
Thresholds
Stage 3 of the cost-of-living tax cuts initially announced in 2018 received Royal Assent on 5 March 2024 and
featured in the Budget as planned.2
The legislated rate changes are such that from 1 July 2024, the tax cuts will:
(All dollar figures expressed are Australian dollars)
• reduce the 19 percent tax rate to 16 percent;
• reduce the 32.5 percent tax rate to 30 percent;
• increase the threshold above which the 37 percent tax rate applies from $120,000 to $135,000;
• increase the threshold above which the 45 percent tax rate applies from $180,000 to $190,000.
Taxable income
Current tax rates
Taxable income
Tax rates from 1 July 2024
Up to $18,200
0
Up to $18,200
0
$18,201 to $45,000
19%
$18,201 to $45,000
16%
$45,001 to $120,000
32.5%
$45,001 to $135,000
30%
$120,001 to $180,000
37%
$135,001 to $190,000
37%
From $180,001
45%
From $190,001
45%
Source: KPMG, Australia
The following table shows the tax savings arising for taxpayers following implementation of the revisions to
the Stage 3 tax cuts. Individuals will start to see an increase in their take-home pay from July 2024.
Taxable
income
Tax liability
FY24
Tax liability
FY25
Tax reduction
$100,000
$22,967
$20,788
$2,179
$150,000
$40,567
$36,838
$3,729
$200,000
$60,667
$56,138
$4,529
Source: KPMG, Australia
In addition, the government has increased the Medicare levy and surcharge income thresholds to reflect the
increase in inflation. These legislative changes received Royal Assent on 5 March 2024, and were noted in
the Budget.
© 2024 KPMG, an Australian partnership and a member firm of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private
English company limited by guarantee. All rights reserved. Printed in the U.S.A.
2024-115 | May 17, 2024
3
KPMG INSIGHTS
In the case of tax-equalised/-protected employees on assignment in Australia, subject to Australian tax law,
these changes should reduce the cost to the employer in respect of those assignees in the medium-to-high-
income-earning range.
Global-mobility teams will need to be ready to update for the rate changes from 1 July 2024, and income
threshold changes from 1 July 2023, including amendment of cost estimates and gross-up calculations.
Superannuation on Government-Funded Paid Parental Leave
Greater economic inclusion for women is a focus of the Labor government’s agenda and the Budget has
confirmed announcements made in March 2024 regarding $1.1 billion of funding over five years to pay
superannuation on government-funded Paid Parental Leave. This will apply to births and adoptions on or
after 1 July 2025.
KPMG INSIGHTS
Further detail is to be provided on the mechanism for the delivery of the benefit, but there is a potential impact
to payroll system configuration.
Superannuation Changes (Not Part of This Year’s Federal Budget)
While not a Budget announcement from this year, it is worth remembering that the compulsory
Superannuation Guarantee rate is currently legislated to gradually increase 12 percent via incremental
increases each financial year.3 The next increase in the rate will be from 11 percent to 11.5 percent from 1
July 2024.
Additionally, the maximum super contributions base is set to increase from $62,270 per quarter to $65,070
per quarter from 1 July 2024.
Finally, note that the concessional contributions cap is set to increase to $30,000 from 1 July 2024.
Previously, from 1 July 2021 to 30 June 2024, the cap for each year was $27,500.
KPMG INSIGHTS
KPMG INSIGHTS
These higher contribution levels may increase assignment costs for employers depending on the structure of
the international assignment package. As with the tax cuts above, global-mobility teams may need to adjust
manual calculators and payroll systems for changes.
Payday Superannuation (not part of this year’s Federal Budget)
In 2023 it was announced that from 1 July 2026, employers will be required to pay their employees’
superannuation at the same time as their salaries and wages.4 Currently, compliance with mandatory
superannuation contribution requirements is assessed on a quarterly basis.
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©2024KPMG,anAustralianpartnershipandamemberfirmoftheKPMGglobalorganisationofindependentmemberfirmsaffiliatedwithKPMGInternationalLimited,aprivateEnglishcompanylimitedbyguarantee.Allrightsreserved.PrintedintheU.S.A.2024-115|May17,20241GMSFlashAlert2024-115|May17,2024Australia–HighlightsofFederalBudge...
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