All Australian taxpayers are now receiving a tax cut.

It's 1 July 2024, and the much-anticipated stage three tax cuts are finally here.

The Australian Government has made the below changes to individual income tax rates and thresholds.

• 19 per cent tax rate was reduced to 16 per cent
• the 32.5 per cent tax rate was reduced to 30 per cent
• the 37 per cent tax threshold was increased from $120,000 to $135,000
• the 45 per cent tax threshold was increased from $180,000 to $190,000

For most taxpayers, your tax cut will be reflected in your take-home pay, each payday. Some taxpayers will receive their tax cut when a tax return is lodged and processed after the end of the 2024–25 financial year.

Click HERE or the government's calculator below to see how much tax you'll save.

Got questions?If you'd like to talk with your financial adviser about the budget, and any potential impact on your strategy or portfolio, get in touch and we'll make time to chat.