Tax cut calculator

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The Government has announced it will deliver tax cuts to all Australian taxpayers.

You can estimate your tax cut with the calculator*.

Estimate your tax cuts

 

Individuals with a taxable income below $22,575 will not pay personal income tax.

From 2024-25 onwards, based on your annual taxable income you will receive a tax cut of   compared to 2023-24 settings.

Comparison

2023–24 settings

Annual reduction in tax   andEstimated annual tax liability
 

 

Under new tax cuts

Annual reduction in tax   andEstimated annual tax liability
 

The Government is also increasing the Medicare levy low-income thresholds for 2023–24. This will benefit more than a million Australians, ensuring people on lower incomes continue to pay a reduced levy rate or are exempt from the Medicare levy.

*Disclaimer

This tool provides stylised cameos based on the taxable income of an individual.

The estimates in this tool are based on comparing 2023–24 tax rates with proposed 2024–25 tax rates and thresholds that are subject to the passage of legislation.

The reduction in tax liability is calculated by only taking into account the basic tax scales, low-income tax offset (as applicable), and the Medicare levy for the respective income year.

This tool is for illustrative purposes only.

It does not consider individual circumstances which may result in an actual tax outcome that is different to what is presented above.

The tool is not intended to provide taxation or financial advice, and should not be relied upon as an accurate assessment of your individual tax affairs.

Taxpayers should seek independent, expert advice on their own taxation and financial affairs (as appropriate).