Tax Savings from 1 July 2024


This is good news for low to middle income earners.

The Federal government’s stage 3 tax cuts have passed the Senate. This means that a significant number of Australians will be paying less tax and have more money in their pocket.
This is an effort from the government to help curb the effect of the cost of living crisis on families and individuals.

Unlike the recent $1080 offset which was a temporary measure and was applied at tax return time, this reduction is income tax rate will be rolled out as a reduction of the tax withheld from each pay packet from 1 July 2024.

If you’re interested to know how the new rates will be applied to you, try the Government’s Tax Cuts Calculator

“The changes take effect from July 1 and will take place automatically — with the tax office simply taking less tax out of worker’s pay packets.” (ABC News)