is a quick reference for Australian income tax rates and related information

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Budget 2020 (October 6, 2020)

Budget 2020 for the 2020-21 year Key measures included adjustments to the personal tax rates, instant asset write-off extension and other measures for business, and adjustments to the Covid-related Jobs measures

Covid19 Coronavirus government support measures

Coronavirus Government Stimulus and Support Measures 2020
A range of key economic and support measures were implemented by State and Federal governments since early March 2020 in support of households, the unemployed and businesses.

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.

tax instalment tables 2019-20 and 2020-21
Unchanged tax rates mean that most instalment schedules continue unchanged from 2018-19 apart from student loans (HECS/HELP/VET etc) which have annual indexation factors applied to the income repayment levels.

Super contribution limits

Substantial changes in the superannuation concessions and limits apply from 1 July 2017 and through subsequent years.

Depreciation categories, rates and calculations.

FBT exemptions and concessions
A checklist of items which are fringe benefits tax exempt or reduced.

group certificates
The information from payment summaries (also referred to as group certificates) is needed for tax return preparation. If the info is not available on time, what are the options?

tax free threshold
The nominal tax free income amount is lifted for most low income taxpayers to an effective level which is significantly higher.

reasonable travel allowance rates
The ATO set out what are “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 2021-03-17