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Individual income tax rates and threshold changes

On 25 January 2024, the government announced proposed changes to Individual income tax rates and thresholds from 1 July 2024. The tax cuts were originally proposed by the Morrisson government back in 2019 and were “primarily aimed at giving tax relief to higher-income earners,” but the Albanese Government has tweaked the cuts to ensure lower and middle-income earners were the main beneficiaries.

Under the new plan, approved by Cabinet on January 25 but yet to pass Parliament, the 37% tax bracket will remain, but the threshold for the top tax rate will rise to $190,000 and the bottom tax bracket will decrease to 16%. The changes mean that those earning between $50,000 and $130,000 stand to benefit the most.

From 1 July 2024, the proposed tax cuts will:

For more information see Tax cuts to help with the cost of living |

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