New Tax Brackets 2024 Australian Government.  — the australian government is abolishing the 37 per cent tax bracket entirely. The financial year for tax purposes for individuals starts on 1st.

The 32.5% tax rate decreases to.  — the proposed tax cuts reduce the 19% tax rate to 16%, reduce the 32.5% tax rate to 30%, increase the threshold for the 37% tax rate from $120,000 to $135,000,.