2024 Budget Tax Changes
A brief summary of the tax changes included in the 2024 budget.
| Income Threshold (existing) | Income Threshold (from 31 July 2024) | Tax Rate (%) |
| $0 - $14,000 | $0 - $15,600 | 10.5 |
| $14,001 - $48,000 | $15,601 - $53,500 | 17.5 |
| $48,001 - $70,000 | $53,501 - $78,100 | 30 |
| $70,001 - $180,000 | $78,101 - $180,000 | 33 |
| >$180,001 | No change | 39 |
The independent earner tax credit will increase income limit to $70,000 from 31 July 2024. Currently, those earning between $24,000 and $48,000 are entitled to the credit. The in-work tax credit will also increase by up to $50 per fortnight from 31 July 2024.
The FamilyBoost childcare rebate, which was announced ahead of the Budget, will deliver up to $75 per week to families to assist with the cost of childcare. The rebate will be administered by Inland Revenue.
The government is also booting Inland Revenue's audit and investigation capabilities by committing further funding over the next 4 years. The additional funding is expected to strengthen audit activity with particular focus on the hidden economy and debt collection.
