Changes to Individual Income Tax Rates

On 25 January 2024, the government announced changes to Individual income tax rates and thresholds from 1 July 2024. These changes are now law.

From 1 July 2024, the proposed tax cuts 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 threshold above which the 37 per cent tax rate applies from $120,000 to $135,000

• increase the threshold above which the 45 per cent tax rate applies from $180,000 to $190,000.

For more information see:

Treasury Laws Amendment (Cost of Living Tax Cuts) Act 2024External Link (Act No. 3 of 2024)

Or call steve Zoccoli on 0414 928 352