Tax cuts, but they are the watered down version of Libs Stage 3 tax cuts that benefit the higher income earners more, effective from 1 July this year.
Tax Scale 2024-25 (Stage 3 tax cuts as adjusted)
Column 1 Column 2 0 Taxable Income Tax On This Income 1 0 to $18,200 Nil 2 $18,201 to $45,000 16c for each $1 over $18,200 3 $45,000 to $135,000 $4,288 plus 30c for each $1 over $45,000 4 $135,000 to $190,000 $31,288 plus 37% for each $1 over $135,000 5 over $190,000 $51,638 plus 45% for each $1 over $190,000
compared to present
2023-24 Tax Scale
Column 1 Column 2 0 Taxable Income Tax On This Income 1 0 to $18,200 Nil 2 $18,201 to $45,000 19c for each $1 over $18,200 3 $45,001 to $120,000 $5,092 plus 32.5c for each $1 over $45,000 4 $120,001 to $180,000 $29,467 plus 37c for each $1 over $120,000 5 $180,001 and over $ 51,667 plus 45c for each $1 over $180,000
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