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 makers
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 |
If you have any concerns or queries about the impact of the proposed changes please contact Collins Hume in Ballina on Byron Bay on 02 6686 3000.