ATO new tax rate cuts
The ATO has made changes to both income tax rates, and also tax brackets. These changes will commence from 1/7/24 onwards.
The changes are:
The below table from the Australian Government’s website shows a snapshot of the changes:
- the 19 per cent tax rate was reduced to 16 per cent
- the 32.5 per cent tax rate was reduced to 30 per cent
- the 37 per cent tax threshold was increased from $120,000 to $135,000
- the 45 per cent tax threshold was increased from $180,000 to $190,000
The below table from the Australian Government’s website shows a snapshot of the changes:
Please reach out to us if you have any questions about new tax rates from 1/7/24.
DISCLAIMER: This is general information only and is not advice. Liability limited by a scheme approved under professional standards legislation.