With cost of living pressures still biting, every little bit counts. Now that the stage 3 tax cuts have kicked in, we look at how theyâll translate into more dollars in your back pocket.
How much extra money will I get in my weekly pay?
It depends on what tax bracket you fall into. But across the board, it ranges from around $6 â $86 per week.
To see where you end up, use the Income Tax Calculator from MoneySmart.
It helps you work out:
- How much Australian income tax you should be paying
- What your take-home salary will be when tax and the Medicare levy are removed
- Your marginal tax rate.
How have tax rates changed in 2024?
- If your taxable income is between $18,201 and $45,000, your tax rate drops from 19% to 16%.
- If your taxable income is between $45,001 and $135,000, your tax rate drops from 32.5% to 30%.
- If your taxable income is between $120,001 and $135,000, you drop from the 37% tax bracket to the 30% tax bracket.
- If your taxable income is between $180,001 and $190,000, you drop from the 45% tax bracket to the 37% bracket.
How do I get my tax cut?
Taxpayers donât need to do anything to claim the tax cut. Your employer
will automatically adjust the amount of tax taken out of your pay, so you should soon see an immediate increase in your take-home pay.
Get more cost-of-living help
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Find Bill Hero and the discount code in the Services section when you log into your moneyGPS account.
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* Source: https://taxcuts.gov.au/
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