Good News for 2025
As you are already aware, the Stage 3 tax cuts, implemented by the previous government, are due to start from 1 July 2024. The current government has made some changes to the original tax cuts, so now we are all going to have more disposable income.
| Current tax rates | % | New tax rates from 2024/25 | % |
| 0 to 18,200 | Tax free | 0 to 18,200 | Tax free |
| 18,201 to 45,000 | 19 | 18,201 to 45,000 | 16 |
| 45,001 to 120,000 | 32.5 | 45,001 to 135,000 | 30 |
| 120,001 to 180,000 | 37 | 135,001 to 190,000 | 37 |
| > 180,001 | 45 | > 190,001 | 45 |
By how much will my tax decrease in 2025?
| Taxable Income | Taxable Decrease |
| $20k | $54 |
| $35k | $504 |
| $50k | $929 |
| $70k | $1.4k |
| $90k | $1.9k |
| $120k | $2.7k |
| $135k to 180$k | $3.7k |
| >$190k | $4.5k |
Now this is good news for all of us and gives us something to smile about.
Should you have any questions specific to your situation, contact us at questions@accoladeaccounting.com.au or contact Accolade Accounting on (08) 6263 4466 or (03) 9524 3145 to get further advice.