Resident Individual Tax Rates

Tax years for Individual Taxpayers run from 1 July to 30 June.

The rates shown for future years reflect the current state of the law at the time of editing, and presume that the government won’t find a reason to fiddle with them between now and then.

Budget 2014 With effect from 1 July 2014 and for three years a Temporary Budget Repair Levy of 2% is to be added to the top marginal tax rate for people earning more than $180,000 a year. Legislation was introduced to parliament on 13 May 2014. (See Budget 2014)

 

The basic structure of resident tax scales currently in force were enacted to apply from 1 July 2012 and are legislated to continue in effect until 30 June 2015.

A small rate change legislated for the year commencing 1 July 2015 has since been rescinded by government announcement and legislation is currently before the Federal parliament.

The result of that legislation, if passed, would restore the rates to those applying for the years 1 July 2012 through to 30 June 2015. See progress of this matter here.

 

.

This page was last modified on 14 May 2014