2013 Tax Rates
Nov
10
Written by:
Thursday, November 10, 2011
The adjusted basic tax scale for 2012-2013 is as follows:
|
Taxable income
|
Tax on this income*
|
|
0 - $18,200
|
Nil
|
|
$18,201 - $37,000
|
19c for each $1 over $18,200
|
|
$37,001 - $80,000
|
$3,572 plus 32.5c for each $1 over $37,000
|
|
$80,001 - $180,000
|
$17,547 plus 37c for each $1 over $80,000
|
|
$180,001 and over
|
$54,547 plus 45c for each $1 over $180,000
|
*Plus Medicare Levy as applicable.
The above rates don't include Medicare Levy, which is applied on a progressive basis at the additional rate of 1.5%, or 2.5% if eligible private health insurance cover is not maintained. There are low income and other full or partial exemptions available. More here.
Note that along with the increase in "nil tax" threshold to $18,200, the Low Income Tax Offset "LITO" has been reduced to $445. The new LITO calculation is here. The combined effect is that no tax is payable up to an income of $20,542.