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Personal Tax Rates

 
                       
Personal Tax Rates (residents)

Minor changes were announced to the currently legislated personal tax rates for residents, which are summarised below for the 2016-17 income year:

Personal income tax rates and thresholds - residents
2015-16 2016-17
Threshold Rate Threshold Rate
1st rate $0 - $18,200 0% $0 - $18,200 0%
2nd rate $18,201 - $37,000 19.00% $18,201 - $37,000 19.00%
3rd rate $37,001 - $80,000 32.50% $37,001 - $87,000 32.50%
4th rate $80,001 - $180,000 37.00% $87,001 - $180,000 37.00%
5th rate $180,001 47.00% $180,001 47.00%
     

The above rates do not include the 2% Medicare levy but do include the 2% Budget deficit levy.

It should be noted that the top marginal rate of tax will continue to be 49% when including the Medicare levy and the 2% Budget deficit levy. The Budget deficit levy will cease at the end of the 2016-17 financial year.

Personal Tax Rates (non-residents)

Minor changes were announced to the currently legislated personal tax rates for non-residents, which are summarised below for the 2016-17 income year:

Personal income tax rates and thresholds – non-residents
2015-16 2016-17
Threshold Rate Threshold Rate
1st rate $0 - $80,000 32.50% $0 - $87,000 32.50%
2nd rate $80,001 - $180,000 37% $87,001 - $180,000 37%
3rd rate $180,000 + 47% $180,000 + 47%
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