The Treasury Laws Amendment (Cost of Living Tax Cuts) Bill 2024 has been submitted in the Australian Parliament, which includes changes in the income tax rates and thresholds for individuals from 1 July 2024. The rates and threshold under the current and new law for the 2024-25 and later income years are as follows:

• Current Law - For 2024-25 and later income years the rate of tax on the amoun…