Tax Tips

REVISED TAX CUTS BILL PASSES BOTH HOUSES

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.

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