New personal tax rates 2012/13
From 1 July 2012, personal tax rates are to be adjusted by:
  • Raising the tax-free threshold from $6,000 to $18,200;
  • Lifting the first two marginal tax rates from 15% to 19% and from 30% to 32.5%; and
  • Reducing the low-income tax offset from $1,500 to $445.


Tax rates for 2012/13

2012/13

Taxable income

Tax Payable

0 – $18,200

Nil

$18,201 – $37,000

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 and over

$54,547 + 45% of excess over $180,000