Page 4 - GA Maclachlan Tax Guide 2024

2024/2025 BUDGET HIGHLIGHTS

■ Personal income tax
◆ No change to personal income tax brackets, rebates and medical tax
credits�
■ Excise duties
◆ Increase in excise duties of between 6�7% and 7�2% on alcohol products,
and between 4�7% and 8�2% on tobacco products�
■ Fuel and RAF levies
◆ No change to the general fuel levy and road accident levy�

■ Climate and environment
◆ Introduction of an electrical and hydrogen-powered vehicle tax incentive,
enabling manufacturers to deduct 150% of qualifying investment
spending, to be introduced from 1 March 2026�
◆ Plastic bag levy to increase from 28 cents to 32 cents per bag from
1 April 2024�
■ Learnership tax incentive
◆ To be extended by three years to 31 March 2027�

■ Retirement funds
◆ Two-pot retirement reform, which enables pre-retirement access to a
portion of one’s retirement assets, to be implemented on 1 September
2024�
■ Global minimum corporate tax
◆ Multinational corporations to be subject to an effective minimum tax rate
of 15%, regardless of where profits are located, from 1 January 2024�

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