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Revised Stage 3 Tax Cuts Confirmed For 1 July 2024

Revised Stage 3 Tax Cuts Confirmed For 1 July 2024

  • Monday, 15 April 2024 07:46

The revised stage 3 tax cuts have passed Parliament and will come into effect on 1 July 2024. The amendments broadened the benefits of the tax cut by focusing on individuals with taxable income below $150,000. Before the new tax rates come into effect, check any salary sacrifice agreements to ensure that they will continue to produce the result you are after.

 

RESIDENT INDIVIDUALS

Tax rate          2023-2024                               2024-2025

0%                  $0 – $18,200                            $0 – $18,200

16%                                                               $18,201 – $45,000

19%                $18,201 – $45,000                             

30%                                                               $45,001 – $135,000

32.5%             $45,001 – $120,000                                       

37%                $120,001 – $180,000                 $135,001 – $190,000

45%                >$180,000                                >$190,000

 

NON-RESIDENT INDIVIDUALS

 Tax rate          2023-2024                               2024-2025 

30%                                                                $0 – $135,000

32.5%              $0 – $120,000                        

37%                 $120,001 – $180,000                $135,001 – $190,000

45%                 >$180,000                               >$190,000

 

 

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