Treasury Laws Amendment (More Cost of Living Relief) Act 2025 (28 of 2025)
Schedule 1 New tax cuts for every Australian taxpayer
Income Tax Rates Act 1986
2 At the end of clause 1 of Part I of Schedule 7
Add:
|
Tax rates for resident taxpayers for the 2026-27 year of income |
||
|---|---|---|
|
Item |
For the part of the ordinary taxable income of the taxpayer that: |
The rate is: |
|
1 |
exceeds the tax-free threshold but does not exceed $45,000 |
15% |
|
2 |
exceeds $45,000 but does not exceed $135,000 |
30% |
|
3 |
exceeds $135,000 but does not exceed $190,000 |
37% |
|
4 |
exceeds $190,000 |
45% |
|
Tax rates for resident taxpayers for the 2027-28 year of income or a later year of income |
||
|---|---|---|
|
Item |
For the part of the ordinary taxable income of the taxpayer that: |
The rate is: |
|
1 |
exceeds the tax-free threshold but does not exceed $45,000 |
14% |
|
2 |
exceeds $45,000 but does not exceed $135,000 |
30% |
|
3 |
exceeds $135,000 but does not exceed $190,000 |
37% |
|
4 |
exceeds $190,000 |
45% |