Budget 2024 is here, and it’s packed with tax relief measures to help you keep more of what you earn. If you have children, you’ll see an average benefit of $78 per fortnight. In total, around 1.9 million households will benefit by $60 per fortnight on average.
The tax bracket thresholds have not changed in 13 years. So starting from 31 July 2024, new tax thresholds will come into effect:
- 0 – $15,600: 10.5%
- $15,601 – $53,500: 17.5%
- $53,501 – $78,100: 30%
- $78,101 – $180,000: 33%
- $180,001+: 39%
But that’s not all! The Independent Earner Tax Credit is being extended to $70,000 per annum, benefiting an additional 420,000 people with up to $20 per fortnight. The In-Work Tax Credit will also increase, providing up to $50 extra per fortnight for 160,000 low-to-middle-income working families.
And starting from 1 July 2024, the new FamilyBoost payment will help an estimated 100,000 families with early childhood education costs by up to $150 per fortnight.
Visit the tax calculator to find out more and see how the tax changes will impact you!