Individual income tax rates and threshold changes
From 1 July the following changes apply to individual income tax rates and special changes:
- the 19% tax rate will decrease to 16%
- the 32.5% tax rate will decrease to 30%
- The 30% tax threshold will increase from $120,000 to $135,000
- the 37% tax threshold will increase from $180,000 to $190,000
Resident tax rates 2024–25
Taxable income | Tax on this income |
|---|---|
0 – $18,200 | Nil |
$18,201 – $45,000 | 16c for each $1 over $18,200 |
$45,001 – $135,000 | $4,288 plus 30c for each $1 over $45,000 |
$135,001 – $190,000 | $31,288 plus 37c for each $1 over $135,000 |
$190,001 and over | $51,638 plus 45c for each $1 over $190,000 |
The above rates do not include the Medicare levy of 2%.
Disclaimer: This does not purport to be comprehensive or to render legal advice. You should not act based on any information contained in this publication without first obtaining specific professional advice. Consult your legal advisor to determine if this applies to you.
