Starting today, July 1 2024:
- The National Minimum Wage increases to $915.90 per week or $24.10 per hour
- Award minimum wages increase by 3.75%.
- The proposed tax cuts will reduce the 19% tax rate to 16%, reduce the 32.5% tax rate to 30%, increase the threshold above which the 37 per cent tax rate applies from $120,000 to $135,000, increase the threshold above which the 45 per cent tax rate applies from $180,000 to $190,000.
- An increase to Parental Leave Pay to 22 weeks.
- an increase to the high income threshold to $175,000
- an increase to the superannuation guarantee to 11.5%.
- an increase to the unfair dismissal compensation cap to $87,500.
This information was provided courtesy of the Fair Work Ombudsman page and Australian Taxation Office Page.
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