ATO Tax Rates 2011-2012 Year (Residents)
The financial year for tax purposes for individuals starts on 1st July and ends on 30 June of the following
year.
(For 2012-2013 tax rates, go here.)
The current financial year started on 1 July 2011 and ends on 30 June
2012 and is referred to as the 2011-2012 tax year, or simply the "2012 tax year"
The ATO Personal Tax rates for the current (2011-2012) financial year ending on
30 June 2012 are as follows:
|
Taxable income
|
Tax on this income*
|
|
0 - $6,000
|
Nil
|
|
$6,001 - $37,000
|
15c for each $1 over $6,000
|
|
$37,001 - $80,000
|
$4,650 plus 30c for each $1 over $37,000
|
|
$80,001 - $180,000
|
$17,550 plus 37c for each $1 over $80,000
|
|
$180,001 and over
|
$54,550 plus 45c for each $1 over $180,000
|
*This table doesn't include the Flood Levy or Medicare Levy.
The basic rates for 2011-2012 are the same as the previous year 2010-2011, except that a Flood Levy is added to incomes over $50,000.
See Flood Levy FAQ
The above rates don't include the Medicare Levy, which is applied on a progressive basis at the additional rate
of 1.5% of taxable income, (or 2.5% if eligible private health insurance cover is not maintained). There are low
income and other full or partial exemptions available - more on Medicare Levy here.
News: Budget 2012-13 (8 May
2012): An excellent 2012 budget summary is available here (click
to download PDF)->>
Source: http://www.charteredaccountants.com.au/
Industry-Topics/Tax/Current-issues/
Federal-Budget-2012-13

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