The adjustments to Personal Income Tax thresholds in Budget 2024 will decrease the amount of tax paid on Student Allowances and increase the amount you receive in the hand.
If your annual before-tax Student Allowance is $15,600 or higher (weekly after-tax rate of $266.35 or higher under current tax settings), we expect the amount of Student Allowance you receive to increase by about $4.30 per fortnight from the tax package.
How much Student Allowance you get depends on your situation. If you're on a special tax code, the impact may be different.
If you have a change in other income (eg, wages) after 31 July 2024, this may affect your rate of Student Allowance. If you’re under 24, any change in your parents’ income after 31 July 2024 may also affect your rate.
Go to the Changes announced in Budget 2024 page on the Studylink website to find out more about the impacts of the tax package on your Student Allowance.