Australia has published the Treasury Laws Amendment (Cost of Living Tax Cuts) Act 2024 (Act No. 3, 2024), which received royal assent (was enacted) on 5 March 2024 (ATO Release). The Act includes changes in the income tax rates and thresholds for individuals from 1 July 2024. The rates and threshold under the new law as follows:
- For 2024-25 and later income years the rate of tax on the amount of the taxable income of a resident individual taxpayer that:
- exceeds AUD 18,200 but does not excee…