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Will Microkeeper automatically update Individual income tax rates and thresholds?

Author Dylan Wong@Microkeeper
Category Payroll
Last Modified 27/05/2024

From 1 July 2024, the proposed tax cuts will be automatically applied in Microkeeper:

  • reduce the 19 per cent tax rate to 16 per cent

  • reduce the 32.5 per cent tax rate to 30 per cent

  • increase the threshold above which the 37 per cent tax rate applies from $120,000 to $135,000

  • increase the threshold above which the 45 per cent tax rate applies from $180,000 to $190,000.