The following rates were correct at time of printing.
Please contact our office if you need to confirm any information.
Income Tax Rates
Australian Residents
The following are the current Australian Residents Tax Rates
Table 1: Personal tax rates and thresholds |
||
| Tax rate (excluding Medicare) | Proposed income thresholds | |
| From 1/7/2020 | From 1/7/2024 | |
| 0% | $0 - $18,200 | $0 - $18,200 |
| 19% | $18,201 - $45,000 | $18,201 - $45,000 |
| 32.5% | $45,001 - $120,000 | $45,001 - $200,000 |
| 37% | $120,001 - $180,000 | Not applicable |
| 45% | > $180,000 | > $200,000 |
The above rates do not include the:
- Medicare levy of 2
Foreign residents
These rates apply to individuals who are foreign residents for tax purposes.
The following are the current Foreign Resident Tax Rates
| Foreign Resident Tax Rates | |
| Taxable income | Tax on this income |
| $0-$90,000 | 32.5c for each $1 |
| $90,001-$180,000 | $29,250 plus $37c for each $1 over $90,000 |
| $180,001 and over | $62,550 plus 45c for each $1 over $180,000 |
Foreign residents are not required to pay the Medicare levy.
Companies
The following are the current Company Tax Rates
Companies includes corporate limited partnerships, strata title bodies corporate, trustees of corporate unit trusts and public trading trusts.
| Small Business Entities | 27.5% |
| Otherwise | 30% |
Self Managed Superannuation Funds (SMSF)
Complying Funds
| In Accumulation Phase | 15% |
| In Pension Phase | 0% |
| Non complying Funds | 47% |
Payroll Tax
The following are the Current Payroll Tax Rates
| Payroll Tax Rates | |
| Annual Threshold | $650,000 |
| Monthly Threshold | $54,166 |
| Rate | 4.85%
or 2.02% (regional Victorian employers effective 1/07/2020) or 1.2125% (regional Victorian Employers in Bushfire affected areas. Applies 1/7/2019 - 30/06/22) |
Table 2: Low and Middle Income Tax Offset |
|
| Taxable Income | Offset |
| $37,000 or less | $255 |
| Between $37,001 and $48,000 | $255 plus 7.5cents for every dollar above $37,000 up to a maximum of $1,080 |
| Between $48,000 and $90,000 | $1,080 |
| Between $90,001 and $126,000 | $1,080 minus 3cents for every dollar above $90,000 |
Table 3: Low Income Tax Offset |
|
| Taxable Income | Offset |
| $37,000 or less | $700 |
| Between $37,001 and $45,000 | $700 minus 5cents for every $1 above $37,500 |
| Between $45,001 and $66,667 | $325 minus 1.5cents for every $1 above $45,000 |