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.