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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