Does The New Tax Rate Come This Year Tax Return? (Financial Year 2023/2024)

amorphous2111 on 25/03/2024 - 18:27
Last edited 25/03/2024 - 20:40 by 1 other user

Hi, I just wonder if you know the new stage-3 tax cut come into effect this FY tax return?

They say it is 01/07/2024 but I don’t know if it applies from that day forward or any tax return done after that day will benefit from the new rate?

Thank you.

Comments

radicalvin on 25/03/2024 - 18:35

+3

Starts 1/07/2024, so next FY tax return
- avoidfullprice on 25/03/2024 - 19:58
  
  +4
  
  It is an income bracket adjustment so it will applied to the pay each self
elgrande on 25/03/2024 - 18:53

+3

Starts 1/7/2024, so first pay in new financial year should be boosted (i.e you dont need to wait until tax time).
- brendanm on 25/03/2024 - 19:29
  
  +2
  
  Just have to figure out what to spend that $2 on.
  - mrkorrupt on 25/03/2024 - 20:40
    
    +5
    
    it has already been spent for you, with the price of things going up
    - freefall101 on 25/03/2024 - 21:15
      
      I'm expecting 4 weeks into the next FY that Colesworth will go back to their price gouging.
      
      Can't have the people having extra cash in their pockets, not when it can be quickly liberated.
Drakesy on 25/03/2024 - 21:29

+3

Let's not forget we're still some 10% behind after this comes in due to bracket creep
amorphous2111 on 25/03/2024 - 21:41

Thanks guys.