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Revised stage 3 tax cuts confirmed for 1 July


Accountant calculating tax cuts

The revised stage 3 tax cuts have passed Parliament and will come into effect on 1 July 2024.


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 - 24

2024 -25

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 - 24

2024 - 25

30%


$0 - $135,000

32.5%

$0 - $120,000


37%

$120,001 - $180,000

$135,001 - $190,000

45%

>$180,000

>$190,000

Working holiday markers

Tax rate

2023 - 24

2024 - 25

15%

$0 - $45,000

$0 - $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


This article was originally published in the 'Your Knowledge' newsletter


Note: The material and contents provided in this publication are informative in nature only. It is not intended to be advice and you should not act specifically on the basis of this information alone. If expert assistance is required, professional advice should be obtained.

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