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.
The new medicare levy rate of 2.5% applies from 1 July 2019.
In addition to increasing the medicare levy rate, the bills package also adjusts those tax rates (such as FBT, Family Trust Distribution Tax ) which are inclusive of the Medicare levy. The Fringe Benefits Tax rate change (up 0.5% to 47.5%) will take effect from 1 April 2019.
For details of the Bills package and their progress through parliament, see here
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 2017-11-22