Tax Rates 2024-2025 Year (Non-Residents)
Following the 2018 Budget a number of adjustments to the personal tax rates were legislated, taking effect in the years from 1 July 2018 through to 1 July 2024. The legislation is here.
The 2024-25 fiscal year commences on 1 July 2024 and ends on 30 June 2025.
In January 2024, the government announced further changes to the tax scale for 2024-25 and subsequent years. The effect is to increase the overall tax compared to the previous position for incomes over $135,000.
The revised tax scale applies from 1 July 2024. .
A comparison of the before-and-after tax scales extracted from the legislation Explanatory Memorandum:
Amended Tax Scale | The tax scale previously |
Up to $135,000: 30% Over $135,000 and less than $190,000: 37% Over $190,000: 45% | Up to $200,000: 30% Over $200,000: 45% |
Non-residents Tax Scale 2024-25 (as amended February 2024).
Taxable income | Tax on this income |
$0 to $135,000 | 30 cents for each $1 |
$135,000 to $190,000 | $40,500 plus 37 cents for each $1 over $135,000 |
$190,001 and over | $60,850 plus 45 cents for each $1 over $200,000 |
Non-residents do not pay the Medicare Levy.
New Measures
A number of announced new measures specifically affecting foreign residents were included the MYEFO 2023 statement from the Treasurer on December 13, 2023. Subject to legislation being passed, the measures will have effect within the 2025-26 financial year.
The measures include:
- increased fees for foreign investors in residential housing; reduced Build To Rent project fees (summarised here)
- For contracts from 1 January 2025 the foreign resident capital gains withholding tax rate threshold will be removed (currently at $750,000); and the withholding rate is to be increased from 12.5% to 15%.
This page was last modified 2024-02-27