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 |
