Stage 3 Tax Cuts

From 1 July 2024, tax changes are coming that will affect 94% of Australian taxpayers.

If you're an Australian taxpayer earning between $45,000 to $200,000, we’ve got some good news for you!

Starting from 1 July 2024, the Stage 3 tax cuts will kick in, abolishing the 32.5% and 37% tax brackets and dropping the tax rate to 30%. This means high-income earners who were previously taxed at 45% will save thousands in tax.

But, for anyone who runs a business, is looking to sell property, or put money into super, it's important to time those transactions right to avoid paying more tax.

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 looking at taking advantage of these tax changes, 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!