The ATO has released new tax tables that apply from 1 July 2024.
Amendments to income tax rates, commonly referred to as the Stage 3 Tax Cuts, made by the Treasury Laws Amendment (Cost of Living Tax Cuts) Act 2024 will apply to the 2024–25 financial year.
There have been updates to all 15 withholding schedules and 12 tax tables from 1 July 2024.
This includes the study and training support loans schedule and tax tables due to the annual indexing of the repayment income thresholds.
Other changes include:
- The increasing of scales for Schedule 9 – Tax table for seniors and pensioners (NAT 4466) to include full and half Medicare levy exemptions for the 3 payee categories
- The renumbering of Schedule 29 – Tax table for payments made under voluntary agreements (NAT 3352) to Schedule 10.
Tax tables that were updated and apply from 1 July 2024 can be found below: