The Albanese Government recognises the economic realities of 2024: Australians are under pressure right now and deserve tax cuts.

It has been announced that The Albanese Labor Government is delivering a tax cut. This is for every Australian taxpayer to provide targeted cost of living relief, for broader and better” outcomes.

These new tax cuts are designed to provide bigger tax cuts for middle Australia. Set to make a real difference to 13.6 million taxpayers. Mr Albanese states these changes will help with easing the cost of living. All whilst making the system fairer and boosting workforce participation.

“Our plan will more than double the benefit for Australians on the average income. And it will look after low-income earners and part-time workers as well,” Mr Albanese said.


From 1 July 2024, the Albanese Labor Government has proposed:


These proposed changes would result in the following:


Proposed Changes Summarised

2023-24 2024-25
Thresholds ($) Rates (%) Thresholds ($) Rates (%)
0 – 18,200 Tax-free 0 – 18,200 Tax-free
18,201 – 45,000 19 18,201 – 45,000 16
45,001 – 120,000 32.5 45,001 – 135,000 30
120,001 – 180,000 37 135,001 – 190,000 37
Over 180,000 45 Over 190,000 45


Geelong Accounting

The proposed changes outlined in this blog will necessitate legislative changes, therefore the implementation of these changes into legislation remains uncertain.

As you prepare for your next tax return, it’s always advisable to consult with a tax accountant or use a reliable tax calculator to understand the changes and accurately estimate your tax obligations. Staying informed about tax policy updates is crucial to ensure compliance.

The expertise and experience of our Geelong Accountants at The Hrkac Group can help you with any tax return enquiries you may have.

To make an appointment to meet with one of our friendly Geelong Accountants, contact us via email or phone (03) 5224 2366.

This information has been provided as general advice. We have not considered your personal or financial circumstances, needs, or objectives. You should consider the appropriateness of the advice. You should obtain and consider the relevant Product Disclosure Statement and seek the assistance of an authorised financial adviser before making any decision regarding any products or strategies mentioned in this communication.