Income Tax rates post-Carbon Tax

Individual Tax rates on taxable income between $18,201 and $80,000 are to increase as a result of tax changes following introduction of the Carbon Tax.

 

Rates and tax payable: 2011-12 (ie current rates)
Taxable income ($)Tax payable ($)
0 - 6,000Nil
6,001 - 37,000Nil + 15% of excess over 6,000
37,001 - 80,0004,650 + 30% of excess over 37,000
80,001 - 180,00017,550 + 37% of excess over 80,000
180,001 +54,550 + 45% of excess over 180,000
Notes:
1. The above rates exclude the 1.5% Medicare levy and the flood levy.
2. The low income tax offset is a maximum of $1,500.
3. The effective tax-free threshold is $16,000.

 

Proposed rates and tax payable: 2012-13, 2013-14 and 2014-15
Taxable income ($)Tax payable ($)
0 - 18,200Nil
18,201 - 37,000Nil + 19% of excess over 18,200
37,001 - 80,0003,572 + 32.5% of excess over 37,000
80,001 - 180,00017,547 + 37% of excess over 80,000
180,001 +54,547 + 45% of excess over 180,000
Notes:
1. The above rates exclude the 1.5% Medicare levy.
2. The low income tax offset is a maximum of $445.
3. The effective tax-free threshold is $20,542.

 

Proposed rates and tax payable: 2015-16 and following years
Taxable income ($)Tax payable ($)
0 - 19,400Nil
19,401 - 37,000Nil + 19% of excess over 19,400
37,001 - 80,0003,344 + 33% of excess over 37,000
80,001 - 180,00017,534 + 37% of excess over 80,000
180,001 +54,534 + 45% of excess over 180,000
Notes:
1. The above rates exclude the 1.5% Medicare levy.
2. The low income tax offset is a maximum of $300.
3. The effective tax-free threshold is $20,979.

 

Aitken Partners is hosting a forum on the Carbon Tax and its implications on business on Wednesday 13 July, for further information please email aclarke@aitken.com.au.