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0412 355 679
Established since 1997
Accountant
RJW Accounting & Taxation Services
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Randal Wruck (Chartered Accountant)Randal Wruck, CA |
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Individual income tax rates
These rates apply to individuals who are Australian residents for tax purposes
Tax rates 2012-13
The following rates for 2012-13 apply from 1 July 2012
| Taxable Income | Tax on this Income |
| 0 – $18,200 | Nil |
| $18,201 – $37,000 | 19c for each $1 over $18,200 |
| $37,001 – $80,000 | $3,572 plus 32.5c for each $1 over $37,000 |
| $80,001 – $180,000 | $17,547 plus 37c for each $1 over $80,000 |
| $180,001 and over | $54,547 plus 45c for each $1 over $180,000 |
The above rates do not include the Medicare levy of 1.5%.
Tax rates 2011-12
The following rates for 2011-12 apply from 1 July 2011
| 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 |
The above rates do not include the Medicare levy of 1.5%
The above rates do not include the Flood levy
(see Guide to Medicare levy and Flood levy information for individuals for more information).
Company tax rates
Tax rates 2011-12
The following rates of tax apply to companies for the 2011-12 income year.
| Companies | Rate % |
| This includes corporate limited partnerships, strata title bodies corporate, trustees of corporate unit trusts and public trading trusts | 30 |
| Life insurance companies | |
| Ordinary class of taxable income | 30 |
| Complying super and first home saver account (FHSA) class of taxable income | 15 |
| Additional tax on no-TFN contributions income where the company is a retirement savings account (RSA) provider | 31.5 |
Small business cut to company tax rate
On 8 May 2012, the government announced it would not be proceeding with the measure to lower the company tax rate from the 2013-14 income year, nor will it implement an early start to the company tax rate cut for small businesses from the 2012-13 income year.