Anthony Albanese Confirms Tax Cuts Set For July 2024-25

Anthony Albanese confirms tax cuts effective from July 1, 2024.

• The High-income earners (>$200,000) to receive a substantial $9000 annual tax cut.
• The workers earning $200,000 annually sees tax reduced from $60,667 to $51,592.
• The Lower-income earners ($45,000) to get a modest 43 cents-a-week tax relief, totalling $125 annually.
• In comparison from 2022-23 the individuals now earning $50,000 to experience a mere 34 cents-a-day or $2.40-a-week tax cut.

The Australian New TAX SLAB 2024-25 shown in the table below: