Individual Tax rates on taxable income between $18,201 and $80,000 are to increase as a result of tax changes following
| Rates and tax payable: 2011-12 (ie current rates) | |
| Taxable income ($) | Tax payable ($) |
| 0 – 6,000 | Nil |
| 6,001 – 37,000 | Nil + 15% of excess over 6,000 |
| 37,001 – 80,000 | 4,650 + 30% of excess over 37,000 |
| 80,001 – 180,000 | 17,550 + 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 – 18,200 | Nil |
| 18,201 – 37,000 | Nil + 19% of excess over 18,200 |
| 37,001 – 80,000 | 3,572 + 32.5% of excess over 37,000 |
| 80,001 – 180,000 | 17,547 + 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 – 19,400 | Nil |
| 19,401 – 37,000 | Nil + 19% of excess over 19,400 |
| 37,001 – 80,000 | 3,344 + 33% of excess over 37,000 |
| 80,001 – 180,000 | 17,534 + 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. |
