The Australian citizens who are earning around between $190,000 and $200,000 can now save up to $4,529 from taxes as per the Individual Income Tax Rates and Threshold Changes. The federal government of Australia and the Australian Taxation Office had announced these changes on January 25, 2024 and the changes are implemented from July 1, 2024. As per the new tax rates and threshold changes, the Australian citizens will now be able to save more while paying taxes. The Important details on $4,529 Tax Refund Australia along with the new tax rates and changes as implemented in the month of July 2024 is discussed here.
$4,529 Tax Refund Australia July 2024
As per the changes to individual income tax rates and thresholds, the citizens who are earning around $200,000 will be able to get a tax cut of around $4,529 on an annual basis. The Australian government has implemented these significant changes starting from July 1, 2024. Since the Australian citizens are under pressure due to rising cost of living and inflation, high tax rates work as a catalyst for their financial burden. With these changes in income tax rates, the government intends to support all 13.6 million Australian taxpayers which will result in easing cost of living pressures for the citizens of Middle Australia.
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These changes are in account as compared to previous tax rates and thresholds. Prior to July 1, 2024, the income between $18,200 and $45,200 was taxed at 19 per cent while for those who are earning between $45,000 and $120,000, their income was taxed at 32.5 per cent. Apart from that, if a person was earning between $120,000 and $180,000, their income was taxed at 37 percent while the citizens who were earning between $180,000 and $190,000, their income was taxed at 45 per cent. As of now, if someone earning around $200,000, then they can get a significant tax cut of $4,529 on a yearly basis as per new tax rates and thresholds.
$4,529 Tax Refund Australia July 2024 Brief Details
| Article title | $4,529 Tax Refund Australia July 2024 |
| Country | Australia |
| Department | Australia Taxation Office |
| Governed by | Australian government |
| Category | Taxation |
| Applicable for | Australian citizens |
| Amount | $4,529 |
| Changes applicable from | July 1, 2024 |
| Year | 2024 |
| Official website | ato.gov.au |
New Individual Tax Rates and Thresholds
On January 25, 2024, the federal government of Australia had announced the changes in Individual income tax rates and thresholds starting from first of the month of July 2024. It will allow the citizens to save more whether they are earning in lower or higher categories. Under these changes:
- The 19% tax rate for the income between $18,200 to $45,000 is reduced to 16 per cent
- The 32.5% tax rates for the incomes between $45,000 to $120,000 is reduced to 30 per cent.
- The previous 37 per cent tax rate which was applicable to income between $120,000 to $180,000 will now be applicable to income between $135,000 to $190,000.
- On the other side, the 45% tax rate is now applied to incomes above $190,000 which was previously applicable at $180,000.
The individuals who are earning $200,000, their tax liability has reduced to approximately $56,138 under the new rates as compared to $60,667 under the previous rates. As a result, the citizens can now get a significant tax cut of $4,529 annually.
Eligibility for $4,529 Tax Refund Australia
It is to notify to the citizens that $4,529 is not a tax refund that can be claimed by filing the tax returns. Instead, it is considered as an estimated amount that a person can save who is earning $200,000. To be eligible for this significant tax cut, applicants must aware of the eligibility requirements for the $4,529 tax cut Australia mentioned here:
- According to the residency rules, claimants must be a citizen and a permanent resident of Australia.
- Income must not be below $200,000 in order to be eligible for the $4,529 tax cut.
- Receipts paid their taxes within the given limits.
New Tax Rates and Thresholds
Under these changes started from July 1, 2024, all 13.6 million taxpayers will receive a tax cut and 2.9 million more taxpayers will receive tax cuts. Apart from that, 90 percent of the women taxpayers will be receiving a bigger tax cut as compared to previous tax rates and thresholds. If Someone is earning around $73,000 will be eligible to get a tax cut of $1,504 while a person earning $40,000 will be able to get $654 tax cut.
On the other side, if someone earning $100,000, then a tax cut of around $2,179 is applicable. If income is $18,200, it remains tax free. For more detailed information related to $4,529 Tax Refund Australia July 2024,Individual Income Tax Rates & Threshold Changes claimants can visit official website of Australia Taxation Office.
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David has spent Several years reporting on the oil and gas industry, uncovering the latest trends and technological breakthroughs. His expertise in energy markets and passion for sustainable practices make his articles both insightful and forward-thinking. Davis’s in -depth analyses are a staple for professionals seeking to stay ahead in this dynamic field.