Stage 3 Tax Cuts
Updates to Tax Cuts
On 25 January 2024, the Labor government announced changes to the Coalitions legislated Individual income tax rates and thresholds from 1 July 2024. These changes are now law.
From 1 July 2024, the tax cuts will:
- Reduce the 19 per cent tax rate to 16 per cent, for earnings up to $45,000
- Reduce the 30 per cent tax rate from $200,000 back to $135,000, making this plan not as good as the Coalitions.
- Recreate a new tax rate of 37 per cent, from $135,00 to $190,000, increasing taxes by 7 per cent for thousands of people
- Changed top marginal 45 per cent rate from the legislated $200,000 back to $190,000
Tax Rates from 1 July 2024
| Â | |
Tax threshold 2024 – 2025 | New rates in 2024 – 2025 (%) |
0 â $18,200 | Nil |
| $18,201 â $45,000 | 16c |
| $45,001 â $135,000 | 30c |
| $135,001 and $190,000 | 37c |
| >$190,000 | 45c |
WHAT WE STAND FOR
