Australia Lower House Considers Bill to Amend Individual Income Tax Rates, Thresholds for 2024-2025

The Australian House of Representatives Feb. 6 accepted for consideration a bill to amend individual income tax rates and thresholds, for income years 2024-2025 and later. The bill includes measures to: 1) increase the number of income brackets for resident individuals from three to four, with rates from 16 percent to 45 percent, and with taxable income starting over AU$18,200 (US$11,869); 2) increase the number of income brackets for nonresident individuals from two to three, with rates from 30 percent to 45 percent, and with taxable income starting at A$135,000 (US$88,041) and under; and 3) increase the number of income ...