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 |
More Blog Articles
- Overtime Meal Allowance Amounts
- Cents per km deduction rate for motor vehicle expenses
- The 'sharing economy' in the ATO's sights
- Tax time is prime time for scams
- ATO warns about iTunes scammers
- ATO reminder about 30 June SuperStream deadline
- New Simpler BAS on the way
- ATO's continuing focus on trust property developers
- SMSFs and Collectables – last opportunity to comply!
- Contractor payments data matching program