Revised stage 3 tax cuts now law (April 2024 Tax Update)

Name: Munro's, The Professional Problem Solvers
Address: 308 Fitzgerald Street, Perth, WA, 6000
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Individuals interested in understanding the impact of recent tax cuts on personal finances.

The revised stage 3 tax cuts, effective from 1 July 2024, are now law.
For median earners ($67,600), the new law results in annual savings of approximately $1,369, enhancing weekly disposable income by around $26.
Higher earners ($180,000) will see annual tax reductions of $3,729, boosting weekly disposable income by $71.
The adjustment also raises the low-income Medicare levy thresholds, aiding eligible groups in avoid paying the Medicare levy of 2%.