Quick Australian Tax Links

tax rates 2024-25

Stage 3 Tax Cuts Adjusted
27 February 2024

The parliament has approved amendments to reduce the benefit of stage tax 3 cuts for higher income earners, and improve the tax scale for lower income earners.

The changes are applicable from 1 July 2024.

See further: Stage 3 Tax Cuts Adjustments

How Much Will Stage 3 Tax Cuts Save You?

Calculator shows how much => Enter an income amount here.

Latest Budget Summary 2024

tax rates 2023-24

The basic tax scales are the same as the previous year.

tax rates 2022-23

The basic tax scales are the same as the previous year, but the Low & Middle Income Tax Offset drops out which would effectively increase tax for lower income earners.

Fringe Benefits Tax 2025

What’s changed for 2025

Fringe Benefits Tax 2024

What’s changed for 2024

Super contribution limits

2017-18 | 2018-19 | 2019-20 | 2020-21 | 2021-22 | 2022-23 | 2023-24 | 2024-25
Substantial changes in the superannuation concessions and limits apply from 1 July 2017 and through subsequent years.

FBT exemptions and concessions
A checklist of items which are fringe benefits tax exempt or reduced, updated for new items added to the list

tax rates 2021-22

Tax rates were modified in the October 2020 Budget to lift the 19% rate ceiling from $37,000 to $45,000, and the 32.5% tax bracket ceiling from $90,000 to $120,000. The free spreadsheet tax calculator has been updated.

Depreciation
Depreciation categories, rates and calculations, including instant write-off concessions for businesses.

group certificates-payment summaries
The information from payment summaries (also referred to as group certificates) is needed for tax return preparation. Most summaries are now being made available via the single touch payroll processing arrangements.

tax free threshold
For taxpayers on low incomes, the effective tax free threshold is higher than the nominal amount of $18,200 specified by the tax scale.

reasonable travel allowance rates
The ATO provide “reasonable” expense claims for overtime meals, domestic travel, employee truck drivers and overseas travel. These schedules are revised annually.

‘low income tax offset’ or ‘LITO’
The Low Income Tax Offset is a reduction of tax for lower income earners. The LITO and the tax free threshold combine to ensure that the lowest income earners don’t pay any tax.

HECS debt and HELP loans
The student Higher Education Loan Program repayments are recovered by the Tax Office at a percentage rate in your tax assessment, based on your annual income. The repayment rates are adjusted each year in June.

medicare levy and surcharge
For tax residents of Australia, the medicare levy is added to your tax bill once your income reaches a certain level. A medicare surcharge is added if you don’t have basic hospital insurance for yourself and any dependents.

This page was last modified 2024-01-24