Tax Calculator Updated for 2013 Year - Federal Budget
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.
Disclaimer: The information provided in this article is general in nature and does not constitute personal financial, legal or tax advice. All content relates to the current financial year only. Future changes to tax laws, thresholds or administrative requirements may affect the accuracy or relevance of this information, so you should always confirm that the guidance remains current. While every effort has been made to ensure accuracy at the time of publication, Dolman Bateman accepts no responsibility or liability for any loss or damage arising from reliance on this information. You should seek professional advice tailored to your circumstances before making any financial or tax decision.
