Most Australians will pay less tax from 1 July 2024, thanks to the introduction of the Stage 3 tax cuts. We all know this means more dollars in our pockets, but thinking through the impact on your super contribution strategy may be trickier.
We’ve put together some ideas to get you started.
What to think about if you’re a low-income earner
If you earn between $22,275 and $45,000 during the year, the maximum tax payable on your last dollar of income reduces to 16% in 2024–25 from 19% in 2023–24. Medicare Levy of up to 2% is added to these rates (the levy phases in when income reaches a threshold determined by your family circumstances).
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Kate has worked in the superannuation sector since 2003. Her experience ranges from customer service to financial advice, member education, complaints management, trustee services, and learning and development. She currently develops content and facilitates learning sessions for super professionals with the Association of Superannuation Funds (ASFA) as well as writing for SuperGuide.
IMPORTANT: All information on SuperGuide is general in nature only and does not take into account your personal objectives, financial situation or needs. You should consider whether any information on SuperGuide is appropriate to you before acting on it. If SuperGuide refers to a financial product you should obtain the relevant product disclosure statement (PDS) or seek personal financial advice before making any investment decisions. Comments provided by readers that may include information relating to tax, superannuation or other rules cannot be relied upon as advice. SuperGuide does not verify the information provided within comments from readers. Learn more
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