Tax Rates 2023-2024 Year (Residents)
The 2024 financial year starts on 1 July 2023 and ends on 30 June 2024. The financial year for tax purposes for individuals starts on 1st July and ends on 30 June of the following year.
The 2018 Budget provided a number of adjustments to the personal tax rates taking effect in the tax years from 1 July 2018 through to 1 July 2024. The legislation is here. Further changes were made in 2019 and in 2024.
This tax table reflects the currently legislated rates.
2023-24 Tax Scale
| Taxable Income | Tax On This Income |
| 0 to $18,200 | Nil |
| $18,201 to $45,000 | 19c for each $1 over $18,200 |
| $45,001 to $120,000 | $5,092 plus 32.5c for each $1 over $45,000 |
| $120,001 to $180,000 | $29,467 plus 37c for each $1 over $120,000 |
| $180,001 and over | $ 51,667 plus 45c for each $1 over $180,000 |
The marginal tax rates “MTR” for the 2024 year remain unchanged from the previous year, however other changes impacting tax paid are outlined below.
Reflected in the above table are tax rate changes from the 2018 Budget for the 2 years from 1 July 2022 to 30 June 2024, which include an expansion of the 19% rate to $41,000, and lifting the 32.5% band ceiling to $120,000.
It also includes subsequent Budget 2019 amendment which expanded the 19% income ceiling to $45,000 from 1 July 2022.
The above tables do not include Medicare Levy or the effect of any Low Income or Low and Middle Income tax offsets.
There are low income and other full or partial Medicare exemptions available. A Medicare Levy Surcharge may also be applicable and is applied on a progressive basis if eligible private health insurance cover is not maintained.
Low And Middle Income Tax Offset
Under Budget 2018 proposals a new low income offset of up to $645 was to replace LITO and LMITO. Subsequent measures in 2019 and 2020 increased the value to $700 and brought it forward to apply from the 2021 year. See details here.
2024 Tax Calculator
Download spreadsheet tax calculator* Calculator Notes: Calculations are estimates based on currently legislated tax rates applying to a future period and could change before then in accordance with changes in government policy. Rounding errors may be present in the calculated results. Medicare: For the purposes of estimation the calculator assumes a Medicare exemption up to the single income earner level for 2023-24 which is $26,000. The Medicare percentage selection box is included for manual adjustment at higher levels of income. The current Medicare income exemption levels can be reviewed here. LITO: The full value of LITO on lower levels of income is $700, however it is not refundable, and so the actual credit is limited to the amount of tax payable on lower levels of income. See LITO info here.
How Much Would You Save Next Year?
For a calculation of the Stage 3 tax cuts on your income go here.
2023-24 Budget measures
Bonus Tax Deduction For Energy Efficiencies
From 1 July 2023 a “bonus tax deduction” for businesses is available of up to $20,000 on maximum expenditure of $100,000 on the cost of electrification and the more efficient use of energy.
The measure will be available to businesses with annual turnover of less than $50 million. More details here.
Instant Asset Writeoff $20k for Businesses Under $10m Turnover
For the year from 1 July 2023, the instant asset write off for businesses with turnover under $50 million is being restricted to $20,000 (per asset) for businesses with turnover under $10 million. See more at ATO depreciation.
Super Guarantee Rate is 11% for 2023-24
In accordance with the legislated schedule of super guarantee increases, the rate increases to 11% from 1 July 2023.
(Note: On1 July 2024, the rate increases again to 11.5% and to 12% from 1 July 2025.)
Pension Age Increases to 67 Years
If you were born after 31 December 1956, you meet the age pension age requirements at 67 years from 1 July 2023. See Age Pension Eligibility and Rates
Trust Tax Returns Changes
The Tax Office has given notice of some changes to CGT and beneficiary distribution information. See Tax Forms 2024.
Tax Rates And Other Changes From 1 July 2024
Next year (2024-25) brings in a change to the individual tax scale and other changes which may create some tax planning opportunities for some (professional advice recommended). See: Tax Rates 2024-25.
The new individual rates have been included in the spreadsheet tax calculator which you can obtain here.
See also:
Tax Office Overview of key changes 2024
This page was last modified 2024-06-15