By Clarke McEwan
•
10 Mar, 2024
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 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