Treasury Laws Amendment (Cost of Living Tax Cuts) Act 2024 (3 of 2024)
Schedule 1 Amendments
Income Tax Rates Act 1986
2 Clause 1 of Part I of Schedule 7 (table dealing with tax rates for resident taxpayers for the 2024-25 year of income or a later year of income)
Repeal the table, substitute:
|
Tax rates for resident taxpayers for the 2024-25 year of income or a later 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 |
16% |
|
2 |
exceeds $45,000 but does not exceed $135,000 |
30% |
|
3 |
exceeds $135,000 but does not exceed $190,000 |
37% |
|
4 |
exceeds $190,000 |
45% |
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