Tax Tables 2012
- Arnold Shields
- Jul 15, 2011
- 2 min read
Updated: Jun 12
The Federal Government made no changes to personal income tax rates for the 2011–12 financial year. However, a temporary Flood Levy was introduced from 1 July 2011 for one year only to assist in funding disaster recovery efforts following the Queensland floods.
2011–2012 Individual Income Tax Rates (Residents)
Taxable Income | Tax Payable |
$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 |
Additional Levies and Surcharges
Medicare Levy: 1.5% of taxable income above $21,750
Medicare Levy Surcharge: 1% applies if your taxable income exceeds $22,164 (unless you have appropriate private health cover)
Reduced Medicare Levy: If your taxable income is between $18,840 and $22,163, a reduced levy of 10c per dollar applies
Flood Levy:
0.5% for taxable income between $50,001 and $100,000
1% for taxable income over $100,001
Estimate Your Tax
Want to know how much tax you’ll owe?
👉 Use our 2012 Tax Calculator to estimate your tax liability quickly and easily.
Key Points for 2011–12
No change to tax thresholds or rates from the previous year
Introduction of temporary Flood Levy
Medicare and surcharge thresholds may affect your total payable amount
Disclaimer:
The information provided in this article is general in nature and does not constitute personal financial, legal or tax advice. While every effort has been made to ensure the accuracy of this content at the time of publication, tax laws and regulations may change, and individual circumstances vary. Dolman Bateman accepts no responsibility or liability for any loss or damage incurred as a result of acting on or relying upon any of the information contained herein. You should seek professional advice tailored to your specific situation before making any financial or tax decision.
