Tax cuts for all Australian taxpayers
From 1 July 2024 this year, the Government will:
- Reduce the 19 per cent tax rate to 16 per cent
- Reduce the 32.5 per cent tax rate to 30 per cent
- Increase the threshold above which the 37 per cent tax rate applies from $120,000 to $135,000
- Increase the threshold above which the 45 per cent tax rate applies from $180,000 to $190,000
All 13.6 million Australian taxpayers will receive a tax cut from 2024–25 onwards.
A person on the average wage of around $73,000 will get a tax cut of $1,504.
| Income | Annual tax cut |
| $45,000 | $804 |
| $75,000 | $1,554 |
| $100,000 | $2,179 |
| $150,000 | $3,729 |
The Government is also increasing Medicare levy low‑income thresholds for 2023–24, reducing or eliminating altogether the amount of Medicare levy paid by more than a million Australians on lower incomes.
Average Mum & Dad tax payer will get a refund of $800-1500 call Northcity Accountants 03 94052737
www.northcityaccountants.com.au
