New income tax rates for individuals

Updated tax rates and income thresholds from 2020-21

Income bracket 2019-20 tax rate Income bracket 2020-21 tax rate Income bracket 2024-25 onward tax rate
$0 to $18,200 0% $0 to $18,200 0% $0 to $18,200 0%
$18,201 to $37,000 19% $18,201 to $45,000 19% $18,201 to $45,000 19%
$37,001 to $90,000 32.5% $45,001 to $120,000 32.5%
$90,001 to $180,000 37% $120,001 to $180,000 37% $45,001 to $200,000 30%
$180,001+ 45% $180,001+ 45% $200,001+ 45%