Treasury Laws Amendment (Tax Relief So Working Australians Keep More Of Their Money) Act 2019 (52 of 2019)
Schedule 2 Personal income tax reform
Income Tax Rates Act 1986
1 Clause 1 of Part I of Schedule 7 (table dealing with tax rates for resident taxpayers for the 2022-23 or 2023-24 year of income)
Repeal the table (including the note), substitute:
|
Tax rates for resident taxpayers for the 2022-23 or 2023-24 year of income |
||
|---|---|---|
|
Item |
For the part of the ordinary taxable income of the taxpayer that: |
The rate is: |
|
1 |
exceeds the tax-free threshold but does not exceed $45,000 |
19% |
|
2 |
exceeds $45,000 but does not exceed $120,000 |
32.5% |
|
3 |
exceeds $120,000 but does not exceed $180,000 |
37% |
|
4 |
exceeds $180,000 |
45% |
Note: The above table will be repealed on 1 July 2026 by the Treasury Laws Amendment (Personal Income Tax Plan) Act 2018.