From 1 July 2024 tax rates are changing (reducing)
The tax cuts 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.
The new tax rates apply to pay runs PAID from 1 July 2024. For example: the weekly pay period is 24 June - 30 June 2024 and you PAY on 1 July 2024 then these new tax rates will apply.
For more information please vist the ATO website here
Click here download the lates tax rate tables