News
Prime Minister announces Tax Cuts
There will be sweeping changes to stage 3 tax cuts, providing targeted cost-of-living relief for low and middle-income earners.
The revised measures will involve cutting the lowest rate of income tax from 19 per cent to 16 per cent and the second lowest from 32.5 per cent to 30 per cent. The Medicare levy threshold would be increased, and the top 45 per cent tax threshold would rise from $180,000 to $190,000.
“This change means that taxpayers earning less than $45,000 will now receive a tax cut, and every working Australian will pay less tax on the first $45,000 that they earn,” Mr Albanese said.
Therefore, following these announcements and assuming amending legislation is passed, the Australian resident personal income tax rates from 1 July 2024 will be:
| From 1 July 2024 | |
| Resident individuals | |
| Up to $18,200 | Nil |
| $18,201 to $45,000 | 16% on part over $18,200 |
| $45,001 to $135,000 | $4,288 + 30% on part over $45,000 |
| $135,001 to $190,000 | $31,288 + 37% on part over $135,000 |
| $190,001 and over | $51,638 + 45% on part over $190,000 |
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TaxAssist Accountants can help you navigate all of your tax obligations ensuring you pay what is due and no more. Speak to your local TaxAssist Accountant on 08 6245 7506 or make an enquiry here.
Date published 25 Jan 2024 | Last updated 30 Jan 2024
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