Australia Gazettes Law Amending Individual Income Tax Rates, Thresholds for 2024-2025

The Australian Official Gazette March 7 published Act No. 3/2024, Treasury Laws Amendment (Cost of Living Tax Cuts) Act 2024, amending individual income tax rates and thresholds, for income years 2024-2025 and later. The law includes measures: 1) increasing the number of income brackets for resident individuals to four from three, with marginal rates from 16 percent for taxable income up to A$45,000 (US$29,879), to 45 percent for income exceeding A$190,000 (US$126,053); 2) increasing the number of income brackets for nonresident individuals to three from two, with marginal rates from 30 percent for taxable income up to A$135,000 (US$89,633), to ...