With the recent release of updated tax tables effective from 1st October, 2016 (you can your yours here) to provide for the expansion of the 32.5c tax bracket, I thought it an opportune time to recap what the actual 216/17 individual income tax rates are.
It is important to understand that all of your income is pooled and then these tax rates apply to the total, so if you ask me what the tax is on a particular income item, I’ll need further information to help you.
Here’s the tax table:
|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|
Please note that the above rates do not include the Medicare levy of 2% or the Temporary Budget Repair Levy; this levy is payable at a rate of 2% for taxable incomes over $180,000.
*Table reproduced from https://www.ato.gov.au/rates/individual-income-tax-rates/