Overall, there is very little in the Budget for the average business in the 2011 year. Apart from...
Tax Tables 2012
The Government did not make any changes to the current tax rates and they remain the same as 2010-11. They did however, legislate the flood levy from 1 July 2011 for one year.
Tax rates 2011-12
| Taxable income | Tax on this income |
| 0 – $6,000 | Nil |
| $6,001 – $37,000 | 15c for each $1 over $6,000 |
| $37,001 – $80,000 | $4,650 plus 30c for each $1 over $37,000 |
| $80,001 – $180,000 | $17,550 plus 37c for each $1 over $80,000 |
| $180,001 and over | $54,550 plus 45c for each $1 over $180,000 |
Plus Medicare Levy of 1.5% of taxable income above $21,750
Plus Medicare Levy Surcharge of 1% of taxable income over $22,164 or reduced medicare levy at $0.10 for every dollar of taxable income is between $18,840 – $22,163.
Plus Flood Levy – calculated at 0.5% of taxable income between $50,001 to $100,000 and 1% of taxable income above $100,001.
Check out our 2012 Tax Calculator to estimate your 2012 tax.
