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 |
15% | $45,001 – $135,000 | |
32.5% | $45,001 – $120,000 | |
37% | $120,001 – $180,000 | $135,001 – $190,000 |
45% | >$180,000 | >$190,000 |
Don't forget to review your salary sacrifice agreements before the new tax rates take effect to ensure they align with your financial
goals.
Budget 2024-25 is a pre-election budget for the people with everyone getting a little something to ease cost of living pressures. For business, there is the extension of the $20k instant asset write-off again.
Secured business loans play an important role in supporting small business owners.