Personal Income Tax threshold changes on 31 July
25 July 2024.
From 31 July 2024 the Personal Income Tax thresholds will be adjusted. This will change the parental income limits and Student Allowance after-tax rate.
What's changing
From 31 July, the following will change:
- the Student Allowance after-tax rate may increase by up to $2.16 a week if you are on the 'M' tax code – see the new rates
- Parental income limits for Student Allowance will increase slightly – see the new limits
- Temporary Additional Support payments may reduce if your net income increases – see more about how this works
- Jobseeker Support Student Hardship rates will stay the same as these are set after-tax, however the gross amount will reduce.
Parental income limits
The parental income limits are increasing slightly on 31 July.
Your situation |
Before 31 July |
From 31 July |
| You live with your parents | $124,474.45 | $124,922.46 |
| You don't live with your parents | $133,756.29 | $134,204.31 |
Temporary Additional Support
Temporary Additional Support payments may reduce if your net income increases. This includes you if you're getting a Student Allowance, or have other income (for example wages).
Temporary Additional Support helps with the gap between your income and your essential living costs. When your income increases, the extra amount needed to meet your essential costs will be less, which means your Temporary Additional Support will go down.
Student Allowance rates
Some Student Allowance after-tax rates will increase by up to $2.16 a week if you are on the 'M' tax code.
This will happen automatically for all payments made on or after 31 July – you don't need to do anything.
How much Student Allowance you get depends on your situation. If you're on a special tax code, the impact may be different.