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Budget 2022 (29 March 2022) for the 2022-23 year

Personal tax measures include an increase in the Low-Middle Income Tax Offset for 2021-22, while small businesses get a 20% tax deduction “boost” for eligible skills, training and technology expenses.

See the Budget 2022 summary here.

Budget 2021 (11 May 2021) for the 2021-22 year

Announced measures include extension for another year of the Lower and Middle Income Tax Offset, and for businesses, full expensing of asset purchases to be available for a further year until 30 June 2023. See the Budget 2021 summary here.

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.

tax rates 2020-21
Tax rates for the 2020-21 year incorporate previously announced tax cuts brought forward to apply from 1 July 2020. Indexation factors apply to student loans.

tax rates 2019-20
The basic tax scale for the 2019-20 year remains the same, but the value of the lower income offset has been lifted.

Super contribution limits

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

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

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

group certificates
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.

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. The surcharge adds even more if you don’t have basic hospital insurance for yourself and dependents.

This page was last modified 2022-03-29