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The 2025 financial year starts on 1 July 2024 and ends on 30 June 2025. The financial year for tax purposes for individuals starts on 1st July and ends on 30 June of the following year.
* Calculator Notes: Calculations are estimates based on currently legislated tax rates. Rounding errors may be present in the calculated results. Medicare: For the purposes of estimation the calculator assumes a Medicare exemption up to the inflation-adjusted single income earner exemption threshold for 2024-25 which is $27,222 and shade-in up to $34,028. The Medicare percentage selection box is included for manual adjustments at higher levels of income. The current Medicare income exemption levels can be reviewed here. LITO: The full value of LITO on lower levels of income is $700, however it is not refundable, and so the actual credit is limited to the amount of tax payable on lower levels of income. See LITO info here.
Work From Home Fixed Rate For the 2024–25 tax year, the fixed rate for claiming work-from-home expenses is 70 cents per hour.
Cents Per Kilometre Increase For the 2024–25 tax year, the rate for claiming work-related car expenses is 88 cents per kilometre.
Electric Vehicle Home Charging Rate From July 1, 2024, Plug-in Hybrid Electric Vehicles (PHEVs) can use a home charging rate of 4.2 cents per kilometre, subject to conditions such as using the logbook method or actual expenses method.
Medicare Levy Exemption From July 1, 2024, eligible Lump Sum Payment in Arrears (LSPIA) amounts are excluded when calculating Medicare levy liability.
Property Sales: FRCGW Rate From January 1, 2025, the Foreign Resident Capital Gains Withholding (FRCGW) rate increased to 15%, and the threshold was removed for certain taxable real property sales.
Tax Help Eligibility Expansion Eligibility for free tax assistance has expanded to individuals earning $70,000 or less with simple tax affairs, up from the previous threshold of $60,000.
Reducing Cheques for Refunds Tax refunds can be retained for up to 90 days if valid financial institution details are not provided. Keeping bank details current helps avoid delays.
Proposed $1,000 Instant Tax Deduction A proposed $1,000 instant tax deduction for work-related expenses is intended to apply from the 2026–27 tax year. It is not yet law for Tax Time 2025.
Housing Tax Incentives: Build to Rent Owners and investors in eligible build-to-rent developments can access an accelerated capital works deduction of 4% and a concessional withholding tax rate of 15% on eligible fund payments.
The 2023-24 Medicare Levy exemption levels are also being lifted as announced. The individual exemption threshold moves to $26,000.
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.
As a result, current legislation provides marginal tax rate changes which take effect from 1 July 2024 – the so-called “stage 3” tax cuts. (see calculator table below).
Stage 3 Tax Cuts Adjusted
27 February 2024
The parliament has approved amendments to reduce the benefit of the original stage tax 3 cuts for higher income earners, and improve the tax scale for lower income earners.
The changes are applicable from 1 July 2024 and are reflected in the tax tables on this page.
The tax scale was amended to:
reduce the 19% rate to 16% on incomes up to $45,000
reinsert a 37% rate on incomes between $135,000 and $190,000 (previously 30%)
bring the top rate of 45% to apply from over $190,000 (instead of $200,000)
The Medicare Levy exemption levels (for 2023-24) are also lifted. The individual exemption threshold moves to $26,000.
The original stage 3 tax cuts were the subject of criticism because of the disproportionate benefit flowing to higher income earners, notwithstanding that the tax scale adjustments initiated from the 2018 year had provided reductions for lower and middle income earners. A Budget 2019 measure reduced the 32.5% rate to 30% from 1 July 2024 and increased the 19% income ceiling to $45,000 from 1 July 2022. Legislation is here.
An illustration of this is evident when comparing tax on $50,000 which shows an increase of $1,500 ($6,467 minus $4,967) in the 2023 year due to the loss of the temporary Lower & Middle Income Offset.
This increase is reduced by $125 in 2025 due to a small tax scale change. However in the same year 2025, higher income earners’ tax on $200,000 goes down by $9,075 ($51,592 minus $60,667).
There are low income and other full or partial Medicare exemptions available. A Medicare Levy Surcharge may also be applicable and is applied on a progressive basis if eligible private health insurance cover is not maintained.
Entitlement to the low and middle income tax offset
Under Budget 2018 proposals a new low income offset of up to $645 was to replace LITO and LMITO. Subsequent 2019 and 2020 measures increased the value to $700 and brought it forward to apply from the 2021 year. See details here.
This calculator has been updated to include tax scale changes confirmed by the Prime Minister on 25 January 2024 and as described above.
Increased Superannuation Caps
Super contribution caps have been increased with indexation to apply from 1 July 2024. The concessional cap becomes $30,000 and other caps have been adjusted accordingly.
The car depreciation claim limit has been increased by indexation being $69,674 from 1 July 2025. See Car Depreciation Cost Limit.
The luxury car tax threshold for 2024-25 is $91,387 for dule efficient vehicles and $80,644 for other vehicles. See Luxury Tax On Cars.
Cents Per Km Increase For 2024-25
The cents per km claim rate for 2024-25 is set at 88 cents, up by 3 cents from the previous year. More information at ATO Cents Per Kilometre Car Expenses.
Foreign Investors
Measures which were included the MYEFO 2023 statement from the Treasurer on December 13, 2023 take effect during the 2024-25 year, including:
increased fees for foreign investors in residential housing; reduced Build To Rent project fees (summarised here)
Lump Sum Payments In Arrears Excluded From Medicare Levy
Starting from 1 July 2024, eligible individuals will not have their lump sum payment in arrears (LSPIA) included when calculating their Medicare levy liability.
Coming 1 July 2026: Larger Super Funds Contributions Tax Increase
Measures to increase contributions tax rates for individuals whose total superannuation balance (TSB) exceeds $3 million. For an update on progress of legislation see Super Contributions Tax.
This page was last modified 2026-03-15
function roundToNearestFiveCents(amount) {
return Math.round(amount * 20) / 20;
}
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return parseFloat(input) || 0;
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function formatCurrency(amount) {
return '$' + amount.toFixed(2).replace(/\B(?=(\d{3})+(?!\d))/g, ",");
}
function calculateTax() {
const income = parseCurrencyInput(document.getElementById('income').value);
const medicarePercentage = parseFloat(document.getElementById('medicare').value);
const taxInstalmentsPaid = parseCurrencyInput(document.getElementById('taxInstalmentsPaid').value);
let taxThereon;
if (income <= 18200) {
taxThereon = 0;
} else if (income <= 45000) {
taxThereon = 0.16 * (income - 18200);
} else if (income <= 135000) {
taxThereon = 4288 + 0.3 * (income - 45000);
} else if (income <= 190000) {
taxThereon = 31288 + 0.37 * (income - 135000);
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taxThereon = 51638 + 0.45 * (income - 190000);
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// Medicare Levy with phase-in for low incomes:
// $27,222 or less: no levy
// $27,223 – shade-in upper: (income - 27222) * 10%
// Above shade-in upper: income * selected rate %
// The shade-in amount is capped at the full levy — whichever is lower applies.
let medicareLevy;
if (income <= 27222) {
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const fullLevy = (medicarePercentage / 100) * income;
medicareLevy = Math.min(phaseInLevy, fullLevy);
}
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if (income <= 37500) {
lito = 700;
} else if (income <= 45000) {
lito = 700 - 0.05 * (income - 37500);
} else if (income <= 66667) {
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// Ensure litopluslmito does not exceed taxThereon and is not less than zero
litopluslmito = Math.min(litopluslmito, taxThereon);
litopluslmito = Math.max(litopluslmito, 0);
let taxPayable = taxThereon + medicareLevy - litopluslmito - taxInstalmentsPaid;
taxPayable = roundToNearestFiveCents(taxPayable);
document.getElementById('taxThereonResult').textContent = 'Tax thereon: ' + formatCurrency(taxThereon);
document.getElementById('medicareLevyResult').textContent = 'Medicare Levy: ' + formatCurrency(medicareLevy);
document.getElementById('litoResult').textContent = 'LITO: ' + formatCurrency(litopluslmito);
document.getElementById('taxPaidResult').textContent = 'Tax Paid: ' + formatCurrency(taxInstalmentsPaid);
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