Currently any taxpayer earning less than $16,000 pays no tax due to the application of the low income rebate of $1,500.
However from 1 July 2012, this threshold increases to $18,200 and for low income earners, the low income tax rebate (which has been reduced from $1,500 to $445) means that a taxpayer earning less than $20,542 will pay no tax. From 2015 the Low income tax rebate has been reduced further to $300.
|
2011-2012 |
2012-13 |
2015-16 |
|||
| Threshold |
Tax Rate |
Threshold |
Tax Rate |
Threshold |
Tax Rate |
| $ 6,001 |
15% |
$ 18,201 |
19% |
$ 19,401 |
19% |
| $ 37,001 |
30% |
$ 37,001 |
32.5% |
$ 37,001 |
33% |
| $ 80,001 |
37% |
$ 80,001 |
37% |
$ 80,001 |
37% |
| $ 180,001 |
45% |
$180,001 |
45% |
$180,001 |
45% |
Note that the flood levy is scheduled to cease on 30 June 2012.
