Tax rates 2012-13 (Residents)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
|
* This table does not include: Medicare Levy is applied on a progressive basis at the additional rate of 1.5%, or 2.5% if eligible private health insurance cover is not maintained. There are low income and other full or partial Medicare exemptions available. A Medicare Levy Surcharge may also be applicable.
The Low Income Tax Offset ("LITO") full amount is $445 reducing by 1.5 cents in the dollar, for every dollar of income over $37,000 such that it cuts out at $66,667. The effect is that no tax is payable up to an income of $20,542.
If you'd like an annual tax calculator, we have a simple spreadsheet version which is free to download - get it here.
Education Tax Refund
The Education Tax Refund was wound up in 2011-12 and replaced by the School Kids Bonus click here.. |