Home topics news News News Super Changes: New Tax on high-balance accounts explained The Tax Institute May 15, 2024 The Australian tax landscape is undergoing some significant changes. From tax cuts for workers to adjustments on student loan repayments and a brand new superannuation tax, there’s a lot to unpack. This guide will break down these changes, explain how they will be implemented, and who will be most affected. Stage 3 tax cuts What willthe impact be for someone on the Australian average salary of approx. $90,000 per annum? The revised Stage 3 tax cuts were legislated earlier this year and take effect on 1 July 2024, for the 2024–25 income year onwards. Our modelling shows that an Australian resident taxpayer with a taxable income of $90,000 will pay $1,929 less tax in 2024–25 than they will in 2023–24. Who will see immediate benefits from the legislated Stage 3 tax cuts thattake effect on 1 July 2024? Any worker who is subject to PAYG withholding will see an immediate reduction in their tax withheld and an increase in their take-home pay from their first pay after 1 July 2024. However, those who pay PAYG instalments, such as sole traders, contractors and those who work in the gig economy and are not employees, will not see the benefit of the tax cuts until they lodge their 2025 tax returns and their final tax position for 2024–25 is determined. HECS-HELP The Government has agreed to cap the indexation applied to student loans