ato logo
Search Suggestion:

Individual income tax rates and threshold changes

Changes to Individual income tax rates and thresholds from 1 July 2024.

Last updated 5 March 2024

On 25 January 2024, the government announced changes to Individual income tax rates and thresholds from 1 July 2024. These changes are now law.

From 1 July 2024, the proposed 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.

For more information see:

Treasury Laws Amendment (Cost of Living Tax Cuts) Act 2024External Link (Act No. 3 of 2024)

QC73803