DFK Gooding Partners
July 3, 2023
Commencing from July 1st, 2023, a range of changes will come into effect concerning tax rates and thresholds in Australia. We have included a summary of the changes we believe are most relevant to our client base below.
| Previous rate/threshold | New rate/threshold from 1 July | |
|---|---|---|
| Div7A Benchmark Rate | 4.77% | 8.27% |
| Luxury Car Tax Threshold | $71,849 | $76,980 |
| Luxury Car Tax Threshold – fuel efficient vehicles | $84,916 | $89,332 |
| Car limit for depreciation of passenger vehicles | $64,741 | $68,108 |
| Fuel tax credit rate for liquid fuels – heavy vehicles on public roads | 20.5 cents | 18.9 cents |
| Fuel tax credit rate for liquid fuels – other business uses | 47.7 cents | 47.7 cents |
| ATO general interest charges rate (sept quarter) | 8.00% | 10.90% |
| High income threshold for unfair dismissal claims | $162,000 | $167,500 |
| National minimum wage | $21.38 p/hour | $23.23 p/hour |
| Total super balance cap for making non-concessional contributions |
$1.7 million | $1.9 million |
| General transfer balance cap for commencing a pension |
$1.7 million | $1.9 million |
| Concessional super contributions cap | $27,500 | $27,500 |
| Non-concessional super contributions cap | $110,000 | $110,000 |
For more information about these changes and how they impact you, or your organisation, please speak with your DFK Gooding Partners client service representative. Alternatively, you can contact us on +61 8 9327 1777 or by email: info@dfkgoodingpartners.com.au.
