Tax at
a Glance

Extending the independent earner tax credit (IETC)

From 31 July 2024, the IETC will be available to eligible individuals earning between $24,000 and $70,000 per annum.

The IETC is a tax credit of up to $20 per fortnight that is currently available to those earning between $24,000 and $48,000 per annum. Those eligible can receive the IETC during the year by using an appropriate tax code, or get it all at the end of the year.

To recognise the impact of wage growth, the upper limit of eligibility for the IETC is being extended from $48,000 to $70,000 per annum. Those earning $24,000 to $66,000 per annum receive the full credit, with entitlements gradually reducing as income increases, up to the limit of $70,000. After these changes, a total of 725,000 people will receive the IETC.

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