TOP TAX CHANGES

IN 2023–24

Prepared by the Editor in Chief of the upcoming

Australian Master Tax Guide (74th edition) 2024,
the following checklist sets out significant
changes that are scheduled to operate from the
About the 2023–24 income year.
Editor in Chief
Marcus Lai has worked as the
managing editor of various Wolters Note that, in some cases, implementation of
Kluwer tax books including the Small
Business Tax Concessions Guide and these changes may be dependent on the future
the Australian Master Superannuation
Guide and is now the editor of the passage of the necessary legislation.
Australian Master Tax Guide. He is
also a contributing writer to the
Australian Master Tax Guide,
Australian Tax Week, and a number of
other Wolters Kluwer tax publications.
This checklist sets INDIVIDUALS
out significant → The maximum Child Care Subsidy amount has been
increased from 85% to 90% for families for the first child in

changes that are care and the Child Care Subsidy rate for all families earning
less than $530,000 in household income has been

scheduled to
increased from 10 July 2023

→ The Paid Parental Leave scheme has been amended from 1

operate from the July 2023 so that either parent is able to claim the payment
and both birth parents and non-birth parents are allowed
2023–24 income to receive the payment if they meet the eligibility criteria

→ Extension of parental leave pay from 18 weeks to 20 weeks

year. Note that, in from 1 July 2023, with 2 weeks reserved on a “use it or lose
it” basis for each claimant
some cases, → Study and training repayment thresholds and rates for
implementation of 2023–24

→ The indexed amount of the Dependant (Invalid and Carer)

these changes Tax Offset for the 2023–24 income year is $3,152

may be dependent → The low income tax offset for the 2023–24 income year is
$700

on the future
passage of the COMPANIES
necessary → For private companies with a regular 30 June balance date,
the Div 7A benchmark interest rate for 2023–24 is 8.27%

legislation. → A Bill has been introduced that proposes amendments to

the thin capitalisation rules for income years commencing
from 1 July 2023

→ A Bill has been introduced containing measures to

enhance multinational tax transparency by amending the
Corporations Act 2001 to add new rules on the disclosure
of information about subsidiaries by Australian public
companies in their annual financial reports for financial
years that commence on or after 1 July 2023

→ Exposure draft legislation has been released to prevent

significant global entities from claiming tax deductions for
payments relating to intangibles connected with low
corporate tax jurisdictions. Amendments will be made to
better target the measure which will apply to payments
made from 1 July 2023 (2023–24 MYEFO)
SUPERANNUATION
→ An alternative method for calculating the tax free and
taxable components of superannuation benefits for
recipients of defence force and military invalidity benefits
is prescribed in the tax regulations from 1 July 2023

→ From 1 July 2023, SMSFs have to report transfer balance

events within 28 days after the end of the quarter in which
the event occurred, with certain exceptions

→ The SG charge percentage (commonly called the SG rate)

has increased from 10.5% to 11% from 1 July 2023

→ An employee’s entitlement to superannuation

contributions is a National Employment Standard in the
Fair Work Act 2009 from 1 January 2024

PAYROLL TAX
→ NSW: payroll tax audits in relation to general practitioners
and their practices are paused for 12 months from 4
September 2023

→ NSW: from 4 September 2023, an entity and a phoenix

corporation will be grouped if sufficiently influenced by
the same third party

STAMP DUTY
→ NSW: the rules aggregating dutiable transactions that
form one arrangement and treat them as a single
dutiable transaction were amended with effect from 4
September 2023. Previously, they applied only to relevant
transactions occurring within a 12-month period — they
now apply without that time limit

→ NSW: from 1 July 2023, no duty will be payable by first

home buyers where the purchase amount of the property
is less than $800,000 and reduced duty will be payable
where the purchase amount is between $800,000 and
$1,000,000

→ NSW: the ability to elect between duty and an annual

property tax was allowed for certain first home buyers,
with effect from 16 January 2023 until 1 July 2023 where
the property had a value of $1.5 million or less. For
contracts made on and from 1 July 2023, the ability to
make that choice ceased. Duty will be payable, subject to
available concessions and exemptions

→ NSW: from 1 February 2024, where a landholder is a

private unit trust scheme, landholder duty will apply on
acquisition of an interest of 20% or more. The former
50% acquisition threshold will remain for a new category
of “wholesale unit trust”
LAND TAX
→ NSW: from 1 February 2024 an owner occupying land as a
principal place of residence will need at least 25%
ownership interest in the land for it to be exempt from
land tax

→ NSW: from 1 July 2023 first home buyers ceased to have

the option to elect to pay an annual property tax instead
of stamp duty

→ Vic: from 1 January 2024 a contract of sale with a purchase

price of $10 million or less cannot include provision for
land tax adjustment between vendor and purchaser

→ Qld: from 1 July 2023 land tax and foreign surcharge

concessions apply to residential property developments
which include affordable housing

→ SA: a 50% reduction in land tax applies to eligible

build-to-rent projects where construction commences on
or after 1 July 2023

→ WA: measures proposed in a Bill will provide, from 1 July

2023, a 50% land tax reduction for certain new
build-to-rent developments

OTHER CHANGES
→ A Bill has been introduced to change the instant asset
write-off threshold to $20,000 from 1 July 2023 to 30 June
2024

→ The cents per kilometre rate for claiming work-related car

expenses is 85 cents from 1 July 2023

→ The location offset rebate rate for films is proposed to be

increased from 16.5% to 30% of eligible expenditure, to
apply from 1 July 2023 (2023–24 Budget)

→ The GDP adjustment factor for 2023–24 is 6%

→ The taxable payments reporting system has been

extended to cover sharing economy online platforms
from 1 July 2023 (ride sharing and accommodation) and 1
July 2024 (for other transactions)

→ The luxury car tax threshold for 2023–24 is $76,950 and the
fuel-efficient car limit for 2023–24 is $89,332

→ The rate of the heavy vehicle road user charge increased

to 28.80 cents per litre of taxable fuel from 1 July 2023
Australian Master Tax Guide
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