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Stage 3 tax cuts effective 1 July 2024

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

$135,001 – $190,000

45%

>$180,000

>$190,000

Non-resident individuals

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 markers

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

If you have any questions please do not hesitate to contact your Client Manager or one of the team at Sullivan Dewing.



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