How changes to stage-three tax cuts will affect you
| Income | Current tax (23-24) | Original stage 3 tax | Original tax cut | Revised stage 3 tax | Revised tax cut | Tax cut change |
|---|
| $50,000.00 | $6,717.00 | $6,592.00 | $125.00 | $5,788.00 | $929.00 | $804.00 |
Based on your income:
- The original stage 3 tax cut was $125.00 compared to 2023-24 tax bracket.
- You will receive a tax cut of $929.00 compared to 2023-24 tax bracket with the new change.
- That's $804.00 better than the original stage 3 tax cuts.
Stage 3 tax cut quick reference
| Income | Current tax (23-24) | Original stage 3 tax | Original tax cut | Revised stage 3 tax | Revised tax cut | Tax cut change |
|---|
| $20,000.00 | $342.00 | $342.00 | $0.00 | $288.00 | $54.00 | $54.00 |
| $30,000.00 | $2,242.00 | $2,242.00 | $0.00 | $1,888.00 | $354.00 | $354.00 |
| $40,000.00 | $4,142.00 | $4,142.00 | $0.00 | $3,488.00 | $654.00 | $654.00 |
| $50,000.00 | $6,717.00 | $6,592.00 | $125.00 | $5,788.00 | $929.00 | $804.00 |
| $60,000.00 | $9,967.00 | $9,592.00 | $375.00 | $8,788.00 | $1,179.00 | $804.00 |
| $70,000.00 | $13,217.00 | $12,592.00 | $625.00 | $11,788.00 | $1,429.00 | $804.00 |
| $80,000.00 | $16,467.00 | $15,592.00 | $875.00 | $14,788.00 | $1,679.00 | $804.00 |
| $90,000.00 | $19,717.00 | $18,592.00 | $1,125.00 | $17,788.00 | $1,929.00 | $804.00 |
| $100,000.00 | $22,967.00 | $21,592.00 | $1,375.00 | $20,788.00 | $2,179.00 | $804.00 |
| $110,000.00 | $26,217.00 | $24,592.00 | $1,625.00 | $23,788.00 | $2,429.00 | $804.00 |
| $120,000.00 | $29,467.00 | $27,592.00 | $1,875.00 | $26,788.00 | $2,679.00 | $804.00 |
| $130,000.00 | $33,167.00 | $30,592.00 | $2,575.00 | $29,788.00 | $3,379.00 | $804.00 |
| $140,000.00 | $36,867.00 | $33,592.00 | $3,275.00 | $33,138.00 | $3,729.00 | $454.00 |
| $150,000.00 | $40,567.00 | $36,592.00 | $3,975.00 | $36,838.00 | $3,729.00 | -$246.00 |
| $160,000.00 | $44,267.00 | $39,592.00 | $4,675.00 | $40,538.00 | $3,729.00 | -$946.00 |
| $170,000.00 | $47,967.00 | $42,592.00 | $5,375.00 | $44,238.00 | $3,729.00 | -$1,646.00 |
| $180,000.00 | $51,667.00 | $45,592.00 | $6,075.00 | $47,938.00 | $3,729.00 | -$2,346.00 |
| $190,000.00 | $56,167.00 | $48,592.00 | $7,575.00 | $51,638.00 | $4,529.00 | -$3,046.00 |
| $200,000.00 | $60,667.00 | $51,592.00 | $9,075.00 | $56,138.00 | $4,529.00 | -$4,546.00 |
| $210,000.00 | $65,167.00 | $56,092.00 | $9,075.00 | $60,638.00 | $4,529.00 | -$4,546.00 |
| $220,000.00 | $69,667.00 | $60,592.00 | $9,075.00 | $65,138.00 | $4,529.00 | -$4,546.00 |
*This instrument serves solely for demonstration purposes.
*It should not be used as a substitute for professional tax or financial advice, nor should it be considered a precise evaluation of one's personal tax situation.
*The calculations presented in this instrument are derived by comparing the 2023–24 tax rates with the anticipated 2024–25 tax rates and thresholds, pending legislative approval.