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  • leigh@branderaccountants.com.au

Income Tax rates 2017-2018

The following rates also apply 1 July 2017.

Taxable income Tax on this income Effective tax rate
$1 – $18,200 Nil 0%
$18,201 – $37,000 19c for each $1 over $18,200 0 – 9.65%
$37,001 – $87,000 $3,572 plus 32.5c for each $1 over $37,000 9.65 – 22.78%
$87,001 – $180,000 $19,822 plus 37c for each $1 over $87,000 22.78 – 30.13%
$180,001 and over $54,232 plus 45c for each $1 over $180,000 30.13 – less than 45%

The above rates apply to individual resident taxpayers only
The above rates do not include:
The Medicare levy of 2% (legislation pending to increase this to 2.5%).[9]

  • The low income levy, which effectively increases the tax free threshold to $20,543.

 

Income Tax rates 2016-2017

The following rates also apply for 2014-15 and 2015-2016 income years.

Taxable income Tax on this income
0 – $18,200 Nil
$18,201 – $37,000 19c for each $1 over $18,200
$37,001 – $80,000 $3,572 plus 32.5c for each $1 over $37,000
$80,001 – $180,000 $17,547 plus 37c for each $1 over $80,000
$180,001 and over $54,547 plus 45c for each $1 over $180,000

The above rates apply to individual resident taxpayers only

The above rates do not include the Medicare levy of 2%
The above rates do not include the Temporary Budget Repair Levy. The Temporary Budget Repair Levy is payable at a rate of 2% for taxable incomes over $180,000.

Medicare levy

Medicare is the scheme that gives Australian residents access to health care. To help fund the scheme, most taxpayers pay a Medicare levy of 2.0% of their taxable income.

From 1 July 2014 the Medicare levy rose from 1.5% to 2.0%. The levy was subsequently increased  to help fund the budget deficits).

We will work out your Medicare levy, including any Medicare levy reduction, from the information you provide on your tax return.

Temporary Budget Repair Levy

As part of the 2014-15 Federal budget the Government introduced a Temporary Budget Repair Levy.

The levy is payable at a rate of 2% of each dollar of a taxpayer’s taxable income over $180,000.

The levy applies from 1 July 2014 and applies to the 2014-15, 2015-16 and 2016-17 income years.