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 modified rates are reflected in the table below (32.5% ceiling lifted from $87,000 to $90,000) and apply for the 4 years from 1 July 2018 to 30 June 2022.
|Taxable Income||Tax On This Income|
|0 to $18,200||Nil|
|$18,201 to $37,000||19c for each $1 over $18,200|
|$37,001 to $90,000||$3,572 plus 32.5c for each $1 over $37,000|
|$90,001 to $180,000||$20,797 plus 37c for each $1 over $90,000|
|$180,001 and over||$54,097 plus 45c for each $1 over $180,000|
The above tables do not include Medicare Levy or the effect of Low Income Tax Offset (“LITO”) or LMITO. 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.
This page was last modified 2019-04-02