Revised stage 3 tax cuts confirmed for 1 July

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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
15%
$45,001 – $135,000
32.5% $45,001 – $120,000
37% $120,001 – $180,000 $135,001 – $190,000
45% >$180,000 >$190,000





Stage 3 tax cuts set to kick in on July 1 2024.


Don't forget to review your salary sacrifice agreements before the new tax rates take effect to ensure they align with your financial goals.


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