Tax & Other Rates

The following rates were correct at time of printing.

Please contact our office if you need to confirm any information.

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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

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