The revised stage 3 tax cuts have passed Parliament and will come into effect on 1 July 2024.
Before the new tax rates come into effect, check any salary sacrifice agreements to ensure that they will continue to produce the result you are after.
Resident Individuals
| Tax Rate | 2023-24 | 2024-25 |
| 0% | $0-$18,200 | $0-$18,200 |
| 16% | $18,201-$45,000 | |
| 19% | $18,201-$45,000 | |
| 30% | $45,001-$135,000 | |
| 32.5% | $45,001-$120,000 | |
| 37% | $120,001-$180,000 | $135,000-$190,000 |
| 45% | >$180,000 | >$190,000 |
Non-resident Individual
| Tax Rate | 2023-24 | 2024-25 |
| 30% | $0-135,000 | |
| 32.5% | $0-$120,000 | |
| 37% | $120,001-$180,000 | $135,001-$190,000 |
| 45% | >$180,000 | >$190,000 |
Working holiday makers
| Tax Rate | 2023-24 | 2024-25 |
| 15% | $0-$45,000 | $0-$45,000 |
| 30% | $45,001-$135,000 | |
| 32.5% | $45,001-$120,000 | |
| 37% | $120,001-$180,000 | $135,001-$190,000 |
| 45% | >$180,000 | >$190,000 |
For a confidential conversation with an SRJ Walker Wayland advisor regarding your situation, contact us today.
