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Tax Rates 2012-2013 Year (Residents)

The following adjusted tax brackets were originally announced by the Prime Minister as part of the “Clean Energy” family assistance package in announced in 2011.

If you are looking for the official ATO 2013-2014 tax withholding tables go here: Tax Tables

The 2013 financial year starts on 1 July 2012 and ends on 30 June 2013.

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:

If your taxable income is over the tax free threshold, you’ll need deductions to avoid paying too much tax.

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.

Education Tax Refund
The Education Tax Refund was wound up in 2011-12 and replaced by the School Kids Bonus

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This page was last modified on 26 April 2014