Stats & Facts
Tax
Taxation Rates & Thresholds
Individual Resident Tax rates (2019/2020) 1
|
Taxable Income |
Marginal tax rate1 |
Tax payable |
|
$0 – $18,200 |
Nil |
Nil |
|
$18,201 – $37,000 |
19% |
Nil + 19% on each $1 over $18,200 |
|
$37,001 – $90,000 |
32.5% |
$3,572 + 32.5% on each $1 over $37,000 |
|
$90,001 – $180,000 |
37% |
$20,797 + 37% on each $1 over $90,000 |
|
$180,001 + |
45% |
$54,097 + 45% on each $1 over $180,000 |
1 The 2% Medicare levy may be in addition to this rate
Individual Non-Resident Tax rates
|
Taxable Income |
Marginal tax rate² |
Tax payable |
|
$0 – $90,000 |
32.5% |
32.5% on every $1 |
|
$90,001 – $180,000 |
37% |
$29,250 + 37% on each $1 over $87,000 |
|
$180,001 + |
45% |
$62,550 + 45% on each $1 over $180,000 |
2 Foreign residents are not required to pay the Medicare Levy.
Individuals Non-Resident Tax rates - Working Holiday Makers
Working holiday makers (that is, backpackers with either 417 or 462 via subclass) are taxed at 15% for the first $37,000 and then the same rates as residents above this level.
|
Taxable Income |
Marginal tax rate | Tax payable |
|
$0 - $37,000 |
15% | 15% on every $1 |
|
$37,001 - $90,000 |
32.5% | $5,550 + 32.5% on each $1 over $37,000 |
|
$90,001 - $180,000 |
37% | $22,775 + 37% on each $1 over $90,000 |
|
$180,001 + |
45% | $56,075 + 45% on each $1 over $180,000 |
Medicare Levy Thresholds (2018/2019)
|
|
No Levy Payable if Taxable Income is equal to or less than: |
Reduced Levy on Income in Range: |
Full Levy Payable (2.0%) if Taxable Income is greater than: |
|
Single |
$22,398 |
$22,399 - $27,997 |
$27,997 |
|
Families 3 |
$37,794 |
$37,795 – $47,242 |
$47,242 |
|
Seniors & Pensioners - Single - Couple/family |
$35,418 $49,304 |
$35,419 – $44,272 $49,305 – $61,630 |
$44,272 $61,630 |
3 The lower threshold increases for each dependent child or student by $3,471.
Medicare Levy Surcharge (2019/2020)
The surcharge applies to singles and families with taxable income above the threshold who do not have adequate private health insurance.
|
|
Nil |
1% |
1.25% |
1.5% |
|
Single |
Equal to or less than $90,000 |
$90,001 – $105,000 |
$105,001 – $140,000 |
More than $140,000 |
|
Family |
Equal to or less than $180,000 |
$180,001 – $210,000 |
$210,001 – $280,000 |
More than $280,000 |
For families, the income thresholds increase by $1,500 for each MLS dependent child after the first.
Other Tax Rates (2019/20)
|
|
Tax Rate |
|
Standard companies |
30% |
|
Small business companies (with aggregated turnover of less than $50 million) |
27.5% |
|
Complying Superannuation Fund |
15% |
|
Non-Complying Superannuation Fund |
45% |
|
Insurance Bonds |
30% |
|
Friendly Society Bonds |
30% |
Tax Offsets
Seniors and Pensioners Tax Offset (2019/20)
|
|
Offset |
Shaded Out Threshold |
Cut Out Threshold |
|
Single |
$2,230 |
$32,279 |
$50,119 |
|
Couple (each) |
$1,602 |
$28,974 |
$41,790 |
|
Couple separated due to illness (each) |
$2,040 |
$31,279 |
$47,599 |
The offset reduces by 12.5 cents per $1 of rebate income above the shade-out threshold. Rebate income is defined as Taxable Income plus adjusted fringe benefits plus reportable superannuation contributions plus net investment losses.
Low Income Tax Offset (2019/20)
|
Offset |
Shaded Out Threshold |
Cut Out Threshold |
|
$445 |
$37,000 |
$66,667 |
The offset reduces by 1.5 cents per $1 of taxable income over $37,000.
Low and Middle Income Tax Offset (2019/20)
|
Taxable Income |
Offset |
|
Up to $37,000 |
$255 |
|
$37,001-$48,000 |
$255 plus 7.5 cents per dollar over $37,000 |
|
$48,001-$90,000 |
$1,080 |
|
$90,001-$126,000 |
$1,080 less 3 cents per dollar over $90,000 |
Spouse Contribution Tax Offset
|
Offset |
Shaded Out Threshold |
Cut Out Threshold |
|
$540 |
$37,000 |
$40,000 |
The offset is 18% of the lesser of:
- $3,000 reduced by $1 per $1 of spouse’s income5 above $37,000,
- Or the total contribution for the spouse.
5 Assessable income plus reportable fringe benefits plus reportable employer superannuation contributions.