Confirmation of revised stage 3 tax cuts for July 1
Get confirmation of the revised stage 3 tax cuts effective from July 1. Stay informed with expert insights from Bates Cosgrave.
The revised stage 3 tax cuts, which were approved by Parliament, will be implemented from July 1, 2024. It is advisable to verify the continued efficacy of salary sacrifice agreements prior to the implementation of the new tax rates.
Resident individuals
|
Tax rate |
2023-24 |
2024-25 |
|
0% |
$0 – $18,200 |
$0 – $18,200 |
|
16% |
$18,201 |
|
|
19% |
$18,201 |
|
|
30% |
$45,001 |
|
|
32.5% |
$45,001 |
|
|
37% |
$120,001 |
$135,001 |
|
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 |
$135,001 |
|
45% |
>$180,000 |
>$190,000 |
Working holiday markers
|
Tax rate |
2023-24 |
2024-25 |
|
15% |
0 – $45,000 |
0 – $45,000 |
|
30% |
$45,001 |
|
|
32.5% |
$45,001 |
|
|
37% |
$120,001 |
$135,001 |
|
45% |
>$180,000 |
>$190,000 |
If you have any questions, please contact Bates Cosgrave.