What’s new on this year’s tax law?

All 13.6 million Australian taxpayers will receive a tax cut.

The Australian Government has adjusted individual income tax rates and thresholds from 1 July 2024, affecting all taxable income, but not affecting the 2023-24 tax return.

From 1 July this year, these changes 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 37 per cent tax threshold from $120,000 to $135,000
• increase the 45 per cent tax threshold from $180,000 to $190,000

These changes will deliver a tax cut to every Australian taxpayer.

When to get my tax cut?

Starting July 1, 2024, individual income tax rates and thresholds will change, resulting in reduced tax payments and increased earnings for most taxpayers. Tax cut calculator estimates annual reductions.

Who will benefit from the tax cuts?

Starting July 1, 2024, 13.6 million Australian taxpayers will receive a tax cut, allowing them to work more hours and retain more of their earnings.