Finally the long awaited Stage Three Personal Tax Cuts that were announced prior to the Federal Budget will apply from 1 July 2024.
From July 1 2024, the 19% tax rate will reduce to 16% (tax-free threshold will remain the same at $18,200), and reduce the 32.5% tax rate to 30% for incomes between $45,000 and a new $135,000 threshold. There will also be an increase the threshold at which the 37% tax rate applies from $120,000 to $135,000, and an increase of the threshold when the top tax rate is applied.
The new changes adjust tax rates to benefit both lower and higher-income earner, with many Australian Workers seeing a reduction in the tax they will pay (or is withheld).
Remember from 1 July:
You may see your take-home pay increase
If you are an employer, you will need to recaculate employees payroll, and adjust any recurring/direct debits.
Education System Reforms
HECs (and other student loans) will now limit indexation to the lower of either the Consumer Proce Index or the Wage Price Index, effective from 1 June 2023.
From 1 July 2025 a new "Commonwealth Prac Payment" of $319.50 per week for terriary studends undertaking supervised mandatory places as part of their nursing, teaching or social work studies.
Energy Bill Relief
From 1 July 2024, the Govenm,enr is providing direct energy bill relief for every Australian Household. A total rebate of $300 will automatically be applied to their quarterly electricity bills.
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