Amended Stage 3 Tax Cuts

The Australian Government has amended the previously confirmed Stage 3 Tax Cuts.

So, what’s changing?

The original Stage 3 Tax Cuts would have reduced the tax rate of Australian taxpayers that earn between $45,000 - $200,000 per year down to 30%. This would have greatly benefited higher income earners saving them thousands in tax. Low to middle income earners would still have benefitted, but with the rising cost of living there were calls to provide more assistance to low to middle income Australians.

The current tax rates for the 2023-24 tax year are:

The new tax rates for the 2024-25 tax year are:

What to do now?

If you’re wanting to maximise your tax position in the next financial year, now is the time to get a tax plan. Our advisors are tax planning specialists and can help you put strategies in place before 30 June 2024 to maximise your benefits.

Our team is here to get you tax ready!