PERSONAL INCOME TAX CHANGESFrom 1 July 2020, the changes highlighted apply to the slabs mentioned below:
The personal income tax rate changes that have already been legislated, effective from 1 July 2024 (i.e., from the 2025 income year), remain unchanged. These involve abolishing the 37% personal income tax bracket, reducing the 32.5% personal income tax bracket to 30%, and increasing the upper threshold of the reduced 30% tax bracket from $120,000 to $200,000.
For more Detail: Federal Budget 2020-21 At A Glance