Tax Rates 2020-2021 Year (Residents)
The 2021 financial year starts on 1 July 2020 and ends on 30 June 2021. 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. A proposed increase in the basic medicare levy has been abandoned – see notes below.
Entitlement to the low and middle income tax offsets
Under Budget 2018 proposals a new Low and Middle Income Tax Offset (LMITO) is to operate from 1 July 2018 to 30 June 2022 in addition to the existing Low Income Tax Offset (LITO). From 1 July 2022 a new low income offset of up to $645 will replace LITO and LMITO.
This page was last modified 2018-05-10