2024 Budget - Personal Tax Rates

In the 2024–2025 Federal Budget, the Government did not announce any further changes to the personal tax rates.

The Government’s revised Stage 3 tax changes (as announced on 25 January 2024 and enacted into law by the Treasury Laws Amendment (Cost of Living Tax Cuts) Act 2024) commence from 1 July 2024. The Treasurer said all 13.6 million taxpayers will receive a tax cut from 1 July 2024. The average annual tax cut is $1,888 (or $36 a week).

The tax rates and income thresholds from the 2024-25 for residents (as already legislated) are:

• taxable income up to $18,200 – nil;

• taxable income of $18,201 to $45,000 – nil plus 16% of excess over $18,200;

• taxable income of $45,001 to $135,000 – $4,288 plus 30% of excess over $45,000;

• taxable income of $135,001 to $190,000 – $31,288 plus 37% of excess over $135,000; and

• taxable income of more than $190,001 – $51,638 plus 45% of excess over $190,000.

This means, when compared to 2023–2024, that for 2024–2025 the 19% tax rate has been reduced to 16%; the 32.5% tax rate has been reduced to 30%; the 37% tax rate threshold has been increased from $120,000 to $135,000; and the 45% tax rate threshold has been increased from $180,000 to $190,000.

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We’re excited to share that we’ve upgraded our client signing experience—now powered by FuseSign! This intuitive, secure platform lets you sign documents in minutes (not days), straight from any device, and is simple to use. There’s no need to download apps or remember passwords - just click the link, review your documents, and sign. With industry-leading security and a smooth, hassle-free process, signing important documents has never been faster or easier. You can find out more about FuseSign Here

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By Cogger Gurry • August 29, 2025

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