Tax Rates 2019-2020 Year (Residents)
The 2019 financial year starts on 1 July 2019 and ends on 30 June 2020. The financial year for tax purposes for individuals starts on 1st July and ends on 30 June of the following year.
The above tables do not include Medicare Levy or the effect of any Low Income Tax Offset (“LITO”). Medicare Levy is applied on a progressive basis 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.
What’s new in 2019-20?
Basic Medicare Levy
A 2017 budget measure provides for an increase in the basic medicare levy by 0.5% – to 2.5% of taxable income to apply from 1 July 2019. Details of the Bills are here. However, as of 25 April 2018 it has been reported that this measure has been abandoned by the government.
Foreign residents’ capital gains tax – grandfathered properties come into the net
The 2017 budget measure to deny access to foreign and temporary tax residents to the CGT main residence exemption from 7:30PM (AEST) on 9 May 2017 excludes properties held prior to this date until 30 June 2019.
This page was last modified 2018-04-25