Stage 3 Tax Cuts – Will I receive a tax cut from 1 July 2024?
Yes, all Australian resident individual tax-payers will receive a tax cut from 1 July 2024. The amount of the tax cuts have been redistributed to what was previously legislated.
The following table summarises the new proposed tax rates:
New personal tax rates and thresholds for 2024-25
The following tables summarises the estimated impact on a few different income levels:
Summary of Tax Cuts for various households with equally distributed income
(ignoring medicare levy)
We welcome the tax cuts and will be working with our clients during our annual tax planning program which starts in April to maximise the impact of this rate change for your family group.
Please call or click here to discuss with a Macro Group Team Member if you would like further information.
The Macro Group Team
The Macro Group Limited AFSL:485843 Tax Agent Number 24 76 5236.
The information in this article contains general information only. We have not taken into consideration any of your personal objectives, financial situation or needs. Before taking any action, you should consider whether the general advice contained in this communication is appropriate to you having regard to your circumstances and needs, and seek appropriate professional advice if you think you need it. We recommend that you consult a licensed or authorised financial adviser if you require financial advice that takes into account your personal circumstances.