What are the stage 3 tax cuts?

Stage 3 personal income tax cuts

The third stage of the tax cuts that were announced in the 2018-19 Budget and amended in the 2019-20 Budget have been further amended by legislation enacted in March 2024.

The new changes mean the tax rates for 2024-25 are as follows.

Note: To the extent you can influence the timing of your income and deductions, you may seek to defer income until after the 2023-24 year and/or bring-forward deductible expenses to the 2023-24 year to take advantage of the tax rate changes. Of course, speak with your financial advisor or Accountant before taking action.