Tax Changes FY 2024 | Tax 2024

I cannot believe I am even typing 2024! Time moves too fast, 2023 was a great year for us here at Mount Martha Accountants with many of our clients buying new houses, starting and expanding businesses and generally getting on with life after the 2020 and 2021 years of Covid suppression.

From the way 2024 is starting it looks to be another positive year for us and our clients as a whole. From a tax point of view in 2024 the main thing to consider is that on 1st July 2024 the personal tax rates change. This effects Financial Year 2025 and beyond; this means if you have any ability to delay income over to the 2025 year there may be a benefit to doing this depending on your current taxable income. From first of July 2024 the following changes will come into effect:

Update Feb 2024 : – The Federal Government has changes their plans ! Here are tax rates that will now apply from July 1:

Tax 2024











These are the rate changes that were put in place by the Coalition that now no longer apply:

Tax 2024 Tax table














*Source treasurers brief on stage 3 personal tax cuts