Tax Rates 2023-2024 Year (Residents)
The 2023 financial year starts on 1 July 2023 and ends on 30 June 2024. The financial year for tax purposes for individuals starts on 1st July and ends on 30 June of the following year.
Reflected in the following table, tax rates for the 2 years from 1 July 2022 to 30 June 2024 include the expansion of 19% rate to $41,000 and lifting the 32.5% ceiling to $120,000.
Tax scale 2022-23 and 2023-24
|Taxable Income||Tax 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