Stage Three Tax Cuts Are Coming

The year is now 2024, and the Australian Federal Government is due to keep their promise of stage three tax cuts that were promised back in 2019. 

These tax cuts were initially proposed by the Liberal Government during their 2019 federal budget and are due to come into effect under the Labor Government. 

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Change is Coming

These drastic changes to taxes will begin on July 1, 2024, and will reduce the 32.5% tax bracket to 30% and completely abolish the 37% tax bracket. 

These changes mean that individuals earning between $45,000 and $200,000 will have a marginal tax rate of 30%. 

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Breaking Down The Changes 

To fully understand the changes, one must understand how an individual's taxable income will be impacted by the stage three tax cuts. 

View the 2024-2025 tax brackets table to fully understand which bracket you fall into and at which tax rate you will be taxed. 

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Conclusion 

Stage three tax cuts are inevitable in 2024 and will see countless Australians rewarded, not punished for their taxable incomes. 

Continue reaping the benefits of tax cuts in 2024 by starting your SMSF property investment journey. 

Get in touch with our team to discuss how you can invest in brand new house and land builds, inside your super!