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
|
Download full Client Newsletter March 2024