Tax Rates 2022-2023 Year (Residents)

The 2023 financial year starts on 1 July 2022 and ends on 30 June 2023. The financial year for tax purposes for individuals starts on 1st July and ends on 30 June of the following year.

The 2018 Budget announced a number of adjustments to the personal tax rates taking effect in the tax years from 1 July 2018 through to 1 July 2024. The legislation is here.

Reflected in the following table are tax rate changes for the 2 years from 1 July 2022 to 30 June 2024, which include an expansion of the 19% rate to $41,000, and lifting the 32.5% band ceiling to $120,000.

Taxable IncomeTax On This Income 2022-23 and 2023-24
 0 to $18,200 Nil
 $18,201 to $41,000 19c for each $1 over $18,200
 $41,001 to $120,000 $4,332 plus 32.5c for each $1 over $41,000
 $120,001 to $180,000 $30,007 plus 37c for each $1 over $120,000
 $180,001 and over $52,200 plus 45c for each $1 over $180,000


The above tables do not include Medicare Levy or the effect of any Low Income or Low and Middle Income tax offsets. 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.

Entitlement to the low and middle income tax offset

Under Budget 2018 proposals from 1 July 2022 a new low income offset of up to $645 will replace LITO and LMITO. See details here.


This page was last modified 2018-06-21