The Stage 3 Tax Cuts that were legislated by the previous government remain a priority for the federal administration. The proposed changes include eliminating the current 32.5 and 37 percent tax brackets and increasing the top tax rate's threshold from $180,001 to $200,000.
As a result, your first $18,200 will be tax-free (as it is now), income between $18,201 and $45,000 will be taxed at 19%, income between $45,001 and $200,000 will be subject to 30% tax. Those earning over $200,000 will be taxed at 45%.
These changes come into effect on 1st July 2024.
| Tax Rate | Taxable income |
|---|---|
| Nil or Tax Free | $0 – $18,200 |
| 19% | $18,201 – $45,000 |
| 30% | $45,001 – $200,000 |
| 45% | $200,000+ |
A Multifactor Authentication (MFA) email Scam alert was issued via ato.gov.au advising that scammers are emailing people asking them to update the MFA on their ATO accounts. The scam email includes a QR code that links to a fake myGov sign in page that is designed to steal your myGov sign in details.
Please note that the ATO will never send you an email with a QR code or a link to login to their services.
More details: ATO
