Every financial year brings a fresh round of tax changes, and 2024–25 is no exception. Whether you’re an individual taxpayer or running a small business, staying across the key updates can help you plan ahead, avoid surprises, and make the most of the deductions and concessions available to you.
1. Tax Rates and Thresholds
The tax-free threshold remains at $18,200 — meaning Australian residents don’t pay tax on income up to this amount. Beyond that, tax brackets and offsets are periodically adjusted and indexed, so the exact amount you pay can shift from year to year even if your income stays the same.
- The tax-free threshold remains at $18,200.
- Marginal tax rates and bracket thresholds are reviewed and can change with each Federal Budget.
- Because thresholds are updated regularly, it’s worth confirming the current rates before estimating your tax position — rather than relying on a previous year’s figures.
2. Instant Asset Write-Off for Small Business
The instant asset write-off allows eligible small businesses to immediately deduct the cost of eligible assets, rather than depreciating them over several years. The eligibility threshold and the size of business that can access it are set (and sometimes extended) by the government each year, so the specific dollar limit for the current year should always be confirmed before you commit to a purchase.
3. Superannuation Guarantee and Contribution Caps
The Superannuation Guarantee (SG) rate — the minimum super employers must pay on top of wages — has been progressively increasing under a legislated schedule, reaching 11.5% for 2024–25 and stepping up to 12% from 1 July 2025. If you’re an employer, it’s worth checking that your payroll system is set to apply the correct rate from the start of the new financial year.
Concessional and non-concessional super contribution caps are indexed periodically as well, so if you’re planning to make additional contributions — including using the “bring-forward” or “carry-forward” rules — it’s worth confirming your current cap with us first, as exceeding it can trigger extra tax.
4. Deductions You Shouldn’t Overlook
Whatever your tax rates and thresholds end up being, making sure you claim everything you’re entitled to still makes the biggest difference to your outcome. Common deductions people overlook include:
- Work-related expenses (uniforms, tools, professional memberships)
- Home office running costs
- Self-education expenses directly connected to your current role
- Business operating costs, including software subscriptions and insurance
Keeping accurate, contemporaneous records throughout the year — rather than trying to reconstruct them at tax time — is the single easiest way to maximise your deductions and stay compliant with ATO requirements.
Talk to Us Before You Lodge
Tax settings change every year, and getting the current figures right matters. Book a consultation with our team and we’ll walk through exactly how this year’s settings apply to your personal or business situation.