The Australian Government has made changes to individual income tax rates and thresholds. This will apply to all taxable income you earn from 1 July 2024.
From 1 July this year, these changes will:
- Reduce the 19 per cent tax rate to 16 per cent
- Reduce the 32.5 per cent tax rate to 30 per cent
- Increase the 37 per cent tax threshold from $120,000 to $135,000
- Increase the 45 per cent tax threshold from $180,000 to $190,000.
These changes will deliver a tax cut to every Australian taxpayer.
To estimate your tax cut, refer to the ATO Tax Cuts website