Update: 8 May 2012 - We have included the 2013 Income Tax Rates as announced in the 2012 Federal Budget today. It should be noted that the budgeted tax rates are not legislated at this stage and should be used as a guide only.
The major changes in the 2012 Budget were an increase in the tax free threshold to $18,200. The objective was to deliver tax cuts to those below $80,000 per annum in income and the marginal tax rates increased as follows:
|Tax Tables for year ended 30 June 2013|
|Taxable Income ($)||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|
PAYG Withholding Tax rates are slightly different to the actual tax rates and are not calculated using this calculator.
Our Tax Calculator takes into account the latest tax rates changes including the Flood Levy. The Flood Levy was passed by the Senate on 22 March 2011, but is only applicable for the 2012 Financial Year commencing on 1 July 2011.
The Tax Calculator takes into account the Medicare Levy, the Low Income Rebate, Income Tax and the Flood Levy.
The calculator is aimed to apply to the average individual and be easy to use and does not take into account special rebates and additional tax like HECS repayments.