Redesigned Stage 3 Personal Tax Cuts
On 25 January 2024, the government announced proposed changes to Individual Income Tax rates and thresholds from 1 July 2024. These changes are not yet law. Parliament sits again from 6 February - we'll bring you more when the amending legislation for the redesign is introduced into Parliament.
From 1 July 2024, the proposed tax cuts will:
- reduce the 19 per cent tax rate to 16 per cent
- reduce the 32.5 per cent tax rate to 30 per cent
- increase the threshold above which the 37 per cent tax rate applies from $120,000 to $135,000
- increase the threshold above which the 45 per cent tax rate applies from $180,000 to $190,000.
Download our newsletter here which goes into further details.
For more on the proposed changes, click on the below links from Treasury:
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