Income Tax Brackets 2024 Australia

Income Tax Brackets 2024 Australia. Prior to the tax cuts, there were four tax brackets: Income tax offsets, levies and surcharges.

Individuals paid tax at 19% on earnings between $18,201 and $45,000, 32.5 per cent for earnings between $45,001 and $120,000, 37. That means your income is taxed in brackets and not at the marginal tax rate.