Revised stage 3 tax cuts confirmed for 1 July
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 |
Book Free Consultation
Book your free 15 or 30-minute phone consultation at a time that suits you.
Recent Post
- Have you earned income for your personal efforts or skills 28/03/2024
- Can you claim the small business skills and training boost? 28/03/2024
- Crypto tips for your small business 28/03/2024
- Getting back what you put in: Loans to get a business started 28/03/2024
- Revised stage 3 tax cuts confirmed for 1 July 14/03/2024
About RaAdvisory
RA Advisory provides accounting for small to medium businesses while also servicing your individual tax and financial needs.
5.0
(Based on Google Reviews )