HR ADVISORY SERVICE NOTICE - CHANGES DUE TO GOVERNMENT INCOME TAX RELIEF AND SUPER GUARANTEE

Tax Relief

As you may already know, the Australian Taxation Office (ATO) will be implementing tax relief effective from 1st July 2024 for all Australians.

Due to this upcoming change, adjustments will be made to the net amounts transferred to each employee if they are currently set up for recurring transfers from the business bank account. For further details, please refer to the following link. On this link, please find the new net amounts payable to your employees from the first pay run in July.

Superannuation Guarantee rate increase

Additionally, as of July 1, 2024, the super guarantee will increase from the rate 11% to 11.5%. The super guarantee will continue to rise by 0.5% until it reaches 12% from FY26. Please refer to this link for additional reference.

If you have any questions or require further clarification, please feel free to contact us at the new Australian Distillers HR Advisory Service.