Newsletter; Individual tax rates changes (plus some tax rate history)
Individual tax rates changes (plus some tax rate history)
From 1 July 2024, the tax rates have changed. Here is a comparison to 2023/2024 and 2014/2015 (ten years ago):
| 2024/2025 individual tax rates | 2023/2024 individual tax rates | 2014/2015 individual tax rates | |||
| Taxable income range | Marginal tax rate | Taxable income range | Marginal tax rate | Taxable income range | Marginal tax rate |
| $ 0 - $18,200 | 0% | $ 0 - $18,200 | 0% | $ 0 - $6,000 | 0% |
| $ 18,201 - $45,000 | 16% | $ 18,201 - $45,000 | 19% | $ 6,001 - $37,000 | 19% |
| $ 45,001 - $135,000 | 30% | $ 45,001 - $120,000 | 32.5% | $ 37,001 - $80,000 | 32.5% |
| $135,001 - $190,000 | 37% | $120,001 - $180,000 | 37% | $80,001 - $180,000 | 37% |
| $190,001+ | 45% | $180,001+ | 45% | $180,001+ | 47% |
These rates exclude the 2% Medicare Levy.
The top tax bracket has applied to income above $180,000 since the 2008/2009 financial year. It definitely hasn’t moved in line with inflation and is interesting to see how low it has been during my career:
2000/2001 to 2002/2003 (3 years) $60,000
2003/2004 $62,500
2005/2005 $70,000
2005/2006 $95,000
2006/2007 to 2007/2008 (2 years) $150,000
2008/2009 to 20023/2024 (16 years) $180,000
