URGENT - New Tax Changes

NEW TAX CHANGES - The government's tax cuts will change Individual income tax rates and thresholds on 1 July 2024.

 

This means you or your payroll person/team MUST review your payroll system ASAP to avoid incorrect payments.

 

From 1 July 2024, the proposed tax cuts will:

  • Reduce the 19 per cent tax rate to 16 per cent
  • Reduce the 32.5 per cent tax rate to 30 per cent
  • Increase the threshold above which the 37 per cent tax rate applies from $120,000 to $135,000
  • Increase the threshold above which the 45 per cent tax rate applies from $180,000 to $190,000.

  • See Table below - Savings

     

 

For more information, visit: https://www.ato.gov.au OR Treasury Laws Amendment (Cost of Living Tax Cuts) Act 2024 External Link (Act No. 3 of 2024)