The bill to implement the Labor Government's revised tax cuts has now passed both houses of parliament.  The revised tax meaures include the following which will apply from 1 July 2024:

- Reduce the 19% tax rate to 16%;

- Reduce the 32.5% tax rate to 30% for incomes between $45,000 and a new $135,000 threshold;

- Increase the threshold at which the 37% tax rate applies from $120,000 to $135,000; and

- Increase the threshold at which the 45% tax rate applies from $180,000 to $190,000.

The Medicare Levy low-income thresholds for the 2024 income year will also be increased.