2024 Pay as you go (PAYG) withholding tax tables

Version
2024
Original Published Date
Status
Current
Tax Category
Payroll
Resource Type
Statement of formula / rates and thresholds
Description

All updates to tax tables and withholding schedules, including Schedule 1 – Statement of formulas for calculating amounts to be withheld (NAT 1004) and Schedule 8 – Statement of formulas for calculating study and training support loans components (NAT 3539), will be published from mid-June at Tax tables

The output files for NAT’s 1004, 3539, 4466 and 75331 that will apply from 1 July 2024 are provided under 'Resource Attachments'.

Other important information

Amendments to the stage 3 tax cuts that were made by the Treasury Laws Amendment (Cost of Living Tax Cuts) Act 2024 will apply to the 2024-25 income year resulting in updates to all 15 withholding schedules and 12 tax tables from 1 July 2024. This includes study and training support loans schedule and tax tables due to the annual indexing of the repayment income thresholds. The statement of formulas and regular tax tables have also been updated to accommodate the most current Medicare levy thresholds. 

Other changes include the increasing of scales for Schedule 9 – Tax table for seniors and pensioners (NAT 4466) to include full and half Medicare levy exemptions for the three payee categories, and the renumbering of Schedule 29 – Tax table for payments made under voluntary agreements to Schedule 10.

Some of the schedules and tax tables have had no material changes, but are updated for other reasons including formatting and having up-to-date examples, cap or payment limit amounts.

Whenever using Schedule 11 - Tax table for employment termination payments (NAT 70980), Schedule 12 - Tax table for superannuation lump sums (NAT 70981) or Schedule 13 - Tax table for superannuation income streams (NAT 70982), ensure you’re using the current cap or payment limit amount for the income year. Refer to Key super rates and thresholds for the latest:

  • Life benefit termination payments ETP cap (Table 17)
  • Death benefit termination payments ETP cap (Table 18)
  • Genuine redundancy and early retirement scheme payment limits (Table 20)
  • Untaxed plan cap amount (Table 10)
  • General transfer balance cap (Table 25)
  • Defined benefit income cap (Table 26)
File Size Upload date
NAT 1004 (XLSX) 28.74 KB 17 May 2024
NAT 1004 Medicare levy adjustment (XLSX) 19.21 KB 17 May 2024
NAT 3539 (XLSX) 48.34 KB 17 May 2024
NAT 4466 (XLSX) 69.03 KB 17 May 2024
NAT 75331 (XLSX) 10.02 KB 17 May 2024
Last modified date