Australia Prime Minister Announces Individual Income Tax Rates, Thresholds for 2024-25

The Australian Prime Minister’s Office Jan. 25 announced individual income tax rates and thresholds for 2024-25, applicable as of July 1. The announcement includes measures to: 1) set the tax-free threshold at A$18,200 (US$11,986); 2) reduce the tax rate to 16 percent from 19 percent for income between A$18,201 (US$11,987) and A$45,000 (US$29,637); 3) reduce the tax rate to 30 percent from 32.5 percent for income between A$45,001 (US$29,637) and A$135,000 (US$88,911); 4) increase the threshold to A$135,001 (US$88,912) from A$120,001 (US$79,033) at which the 37 percent tax rate applies; and 5) increase the threshold to A$190,001 (US$125,135) from A$180,001 ...