Revised stage 3 tax cuts now law (April 2024 Tax Update)

Relevant For:

Individuals interested in understanding the impact of recent tax cuts on personal finances.

Key Points:
  • The revised stage 3 tax cuts, effective from 1 July 2024, are now law.
  • For median earners ($67,600), the new law results in annual savings of approximately $1,369, enhancing weekly disposable income by around $26.
  • Higher earners ($180,000) will see annual tax reductions of $3,729, boosting weekly disposable income by $71.
  • The adjustment also raises the low-income Medicare levy thresholds, aiding eligible groups in avoid paying the Medicare levy of 2%.

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