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 rate2023-242024-250%$0 – $18,200$0 – $18,20016% $18,201 – $45,00019%$18,201 – $45,000 30% $45,001 – $135,00032.5%$45,001 – $120,000 37%$120,001 – $180,000$135,001 – $190,00045%>$180,000>$190,000

Non-resident individuals

Tax rate2023-242024-2530% $0 – $135,00032.5%$0 – $120,000 37%$120,001 – $180,000$135,001 – $190,00045%>$180,000>$190,000

Working holiday markers

Tax rate2023-242024-2515%0 – $45,0000 – $45,00030% $45,001 – $135,00032.5%$45,001 – $120,000 37%$120,001 – $180,000$135,001 – $190,00045%>$180,000>$190,000