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tax rates 2024-25

The tax scales are adjusted from 1 July 2024 to give effect to the “stage 3 tax cuts” with a simplified middle income tax scale applying from $45,000 to $200,000

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.

Super contribution limits

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

Fringe Benefits Tax 2023

See what’s new for 2023 including electric vehicle exemptions and 4.2 cents per kilometre home electricity calculation.

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

Budget 2022 (25 October 2022) (for 2022-23 year)

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

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

This page was last modified 2023-05-27