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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 any tax payable. See LITO info here.
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.
Modified Stage 3 Tax Cuts
In February 2024 the parliament approved modified tax cuts for higher income earners, and to improve the tax scale for lower income earners.
The changes first applied from 2023-24. Under the adjustments, the first tier marginal tax rates falls by 1 cent to 15 cents, from 1 July 2026.
Significant Tax and Policy Adjustments On or After 1 July 2025
Super Payable On Paid Parental Leave
Eligible parents will get 12% of their Government-funded Paid Parental Leave as a contribution to their superannuation fund for babies born or adopted on or after 1 July 2025.
The instant asset write-off (temporary full expensing) extended measures were due to expire 30 June 2025, which would have reset the instant asset write-off allowance back to $1,000. The $20,000 limit has been extended until 30 June 2026. The Budget 2026 small business measures contain a proposal to make this permanent.
Higher Tax Rates For Larger Super Funds, And A Raise For LISTO
Measures have been introduced targeting super concessions on earnings for larger balances.
The measures impose a 30% tax rate on earnings between $3 million and $10 million and a 40% tax rate on earnings exceeding $10 million, starting 1 July 2026.
The large balance thresholds will be indexed to align with the Transfer Balance Cap, and the rates will only apply to future realised earnings. See more details including the legislation here: Super Contributions Tax, and Divisions 293 and 296 Taxes.
The same package of legislation has included a raise for the Low-Income Superannuation Tax Offset (LISTO) from $310 to $810. The income eligibility threshold will also be raised from $37,000 to $45,000. These LISTO changes will take effect from 1 July 2027.
“Payday Super” from 1 July 2026
A reform to the superannuation guarantee system requires employers to pay superannuation for their employees simultaneously with their salary and wages.
The implementation will apply from 1 July 2026.
This will bring forward the timing of super payments, compared to the present position, where most employers typically pay quarterly in arrears.
An expectation from the change is that the frequency and value of superannuation losses from unpaid super will be reduced, with the ATO (with increased funding) will be in a better position to police compliance.
A number of announced new measures were included the MYEFO 2023 statement from the Treasurer on December 13, 2023.
They include:
increased fees for foreign investors in residential housing; reduced Build To Rent project fees (summarised here)
From 1 July 2025 fuel-efficient cars for the purposes of the Luxury Car Tax will have a maximum fuel consumption of 3.5 litres per 100km (down from 7 litres per 100km)
Indexation of LCT threshold for non-fuel-efficient cars will in future be linked to motor vehicle purchase sub-group of the CPI (previously the headline CPI) – from 1 July 2025.
From 1 July 2025 ATO interest charges (General and Shortfall) will no longer be tax deductible. From 1 July 2025, interest paid to the Tax Office will no longer be tax deductible. See further: Denying deductions for ATO interest.
This page was last modified 2026-05-13
function roundToNearestFiveCents(amount) {
return Math.round(amount * 20) / 20;
}
function parseCurrencyInput(input) {
return parseFloat(input) || 0;
}
function formatCurrency(amount) {
return '$' + 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);
// Tax thereon
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);
} else {
taxThereon = 51638 + 0.45 * (income - 190000);
}
// Medicare levy with phase-in
// Lower threshold (no levy): <= $27,222
// Shade-in range: $27,223 – $34,027 → levy = (income - 27222) × 10%
// Full levy above shade-in: > $34,027 → levy = income × medicarePercentage%
let medicareLevy;
if (income <= 28011) {
medicareLevy = 0;
} else if (income <= 35014) {
// Phase-in: capped at what the full-rate levy would be
const phaseIn = (income - 28011) * 0.10;
const fullLevy = income * medicarePercentage / 100;
medicareLevy = Math.min(phaseIn, fullLevy);
} else {
medicareLevy = income * medicarePercentage / 100;
}
// LITO
let lito;
if (income <= 37500) {
lito = 700;
} else if (income <= 45000) {
lito = 700 - 0.05 * (income - 37500);
} else if (income <= 66667) {
lito = 325 - 0.015 * (income - 45000);
} else {
lito = 0;
}
let litopluslmito = lito;
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);
const taxPayableElement = document.getElementById('taxPayableResult');
if (taxPayable < 0) {
taxPayableElement.textContent = 'Tax Refund: ' + formatCurrency(Math.abs(taxPayable));
taxPayableElement.classList.add('refund');
} else {
taxPayableElement.textContent = 'Tax Payable: ' + formatCurrency(taxPayable);
taxPayableElement.classList.remove('refund');
}
}
// Calculate on load
calculateTax();
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