Australian Tax Brackets: 2023-2024
- Feb 28, 2024
- 1 min read
As working Australians know, your income is taxed each pay cheque–but the amount of tax you pay depends on how much you earn. It’s known as a progressive tax system, which means the higher your income, the more tax you pay.
These tax brackets, as they are known, have varied across certain financial years, although they have been consistent over the past five years, with the current financial year being 2023-24.
This article will explain the tax brackets as they currently stand for the 2023-24 financial year, as well as the impact of the stage three tax cuts that are due to come into effect this year after a substantial and controversial makeover by the Albanese Government in January 2024.
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