The 2012 Federal Budget announced a number of changes to the tax rates. The major change was an increase in the tax free threshold from $6,000 to $18,200 and a decrease in the low income rebate. The intention was to deliver tax cuts to those below $80,000 per annum. As a result, the marginal tax rates were increased to from 15% to 19% and from 30% to 32.5%
The new tax tables are as follows:
|Tax Tables for year ended 30 June 2013|
|Taxable Income ($)||Tax Payable ($)|
|0 – 18,200||Nil|
|18,201 – 37,000||Nil + 19% of excess over 18,200|
|37,001 – 80,000||3,572 + 32.5% of excess over 37,000|
|80,001 – 180,000||17,547 + 37% of excess over 80,000|
|180,001+||54,547 + 45% of excess over $180,000|
Those taxpayers with income over $50,000 should notice a slight decrease in tax from 2012, as the one off Flood Levy will not apply in the 2013 financial year.
We have updated our tax calculator to take account of the new changes in tax rates, but users should not that the budgeted tax rates have not yet passed through legislation.