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 |
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TAX PLANNING & BUDGETING
As we approach the last quarter of the financial year, we prepare our business owners for tax time and the new fiscal year. Prepare for success by opting in to our tax planning and budgeting packages.
LOANS TO GET A BUSINESS STARTED
It’s not uncommon for business owners to pour their money into a business to get it up and running and to sustain it until it can survive on its own. A recent case highlights the dangers of taking money out of a company without carefully considering the tax implications.
Note: The material and contents provided in this publication are informative in nature only. It is not intended to be advice and you should not act specifically on the basis of this information alone. If expert assistance is required, professional advice should be obtained.
Publication date: 1 March 2024