Treasury Laws Amendment (Tax Relief So Working Australians Keep More Of Their Money) Act 2019 (52 of 2019)

Schedule 2   Personal income tax reform

Income Tax Rates Act 1986

1   Clause 1 of Part I of Schedule 7 (table dealing with tax rates for resident taxpayers for the 2022-23 or 2023-24 year of income)

Repeal the table (including the note), substitute:

Tax rates for resident taxpayers for the 2022-23 or 2023-24 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

19%

2

exceeds $45,000 but does not exceed $120,000

32.5%

3

exceeds $120,000 but does not exceed $180,000

37%

4

exceeds $180,000

45%

Note: The above table will be repealed on 1 July 2026 by the Treasury Laws Amendment (Personal Income Tax Plan) Act 2018.