Tax Calculator FY 2024-25
FY 2024-25 covers the period 1 July 2024 to 30 June 2025 — the first full year under the revised "Stage 3" marginal-rate brackets. The threshold for the second bracket dropped from $18,201 to $18,201 (unchanged) but the rate fell from 19% to 16%. The 32.5% bracket became 30% and was widened to $135,000. AgoTax applies the FY 2024-25 schedule when you select that year above; everything else (Medicare, MLS, LITO, HELP repayments, SG rate at 11.5%) follows the matching year's published values.
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Frequently asked
What changed between FY 2023-24 and FY 2024-25?
The Stage 3 cuts took effect: 19% → 16% on the second bracket, 32.5% → 30% on the third bracket (now extending to $135k), the 37% bracket starts at $135k instead of $120k, and the top 45% bracket starts at $190k instead of $180k.
What was the SG rate for FY 2024-25?
11.5%. It rises to 12% from 1 July 2025 (FY 2025-26) — the final scheduled increase.
I earned across both 2023-24 and 2024-25 — which year should I use?
Run the calculator for each year separately and add the results. AgoTax doesn't yet do mid-year transitions, but per-year totals are accurate.