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:

Tax cut calculator

Government Information Sheet

Need Help with your Business, Bookkeeping, Tax or SMSF requirements?

If you would like a little help, please get in touch with us for assistance. We can help with your business, bookkeeping, tax and SMSF requirements.

Please also note that many of the comments in this publication are general in nature and anyone intending to apply the information to practical circumstances should seek professional advice to independently verify their interpretation and the information’s applicability to their particular circumstances. Should you have any further questions, please get in touch with us for assistance with your SMSF, business, bookkeeping and tax requirements. All rights reserved. Brought to you by RGA Business and Tax Accountants. Liability Limited by a scheme approved under Professional Standards Legislation.