Stats & Facts
Tax
Taxation Rates & Thresholds
Individual Resident Tax rates (2023/2024) 1
Taxable Income |
Marginal tax rate1 |
Tax payable |
$0 – $18,200 |
Nil |
Nil |
$18,201 – $45,000 |
19% |
Nil + 19% on each $1 over $18,200 |
$45,001 – $120,000 |
32.5% |
$5,092 + 32.5% on each $1 over $45,000 |
$120,001 – $180,000 |
37% |
$29,467 + 37% on each $1 over $120,000 |
$180,001 + |
45% |
$51,667 + 45% on each $1 over $180,000 |
1 The 2% Medicare levy may be in addition to this rate
Individual Non-Resident Tax rates (2023/24)
Taxable Income |
Marginal tax rate² |
Tax payable |
$0 – $120,000 |
32.5% |
32.5% on every $1 |
$120,001 – $180,000 |
37% |
$39,000 + 37% on each $1 over $120,000 |
$180,001 + |
45% |
$61,200 + 45% on each $1 over $180,000 |
2 Foreign residents are not required to pay the Medicare Levy.
Individuals Non-Resident Tax rates - Working Holiday Makers (2023/24)
Working holiday makers (that is, individuals with either 417 or 462 via subclass) are taxed at 15% for the first $45,000 and then the same rates as residents above this level.
Taxable Income |
Marginal tax rate | Tax payable |
$0 - $45,000 |
15% | 15% on every $1 |
$45,001 - $120,000 |
32.5% | $6,750 + 32.5% on each $1 over $45,000 |
$120,001 - $180,000 |
37% | $31,125 + 37% on each $1 over $120,000 |
$180,001 + |
45% | $53,325 + 45% on each $1 over $180,000 |
Medicare Levy Thresholds (2022/23)
|
No Levy Payable if Taxable Income is equal to or less than: |
Reduced Levy on Income in Range: |
Full Levy Payable (2.0%) if Taxable Income is greater than: |
Single |
$24,276 |
$24,276 - $30,345 |
$30,346 |
Families 3 |
$40,939 |
$40,939 – $51,173 |
$51,174 |
Seniors & Pensioners - Single - Couple/family |
$38,365 $53,406 |
$38,365 – $47,956 $53,406 – $66,757 |
$47,957 $66,758 |
3 The lower threshold increases for each dependent child or student by $3,760.
Medicare Levy Surcharge (2023/24)
The surcharge applies to singles and families with taxable income above the threshold who do not have adequate private health insurance.
|
Nil |
1% |
1.25% |
1.5% |
Single |
Equal to or less than $93,000 |
$93,001 – $108,000 |
$108,001 – $144,000 |
More than $144,000 |
Family |
Equal to or less than $186,000 |
$186,001 – $216,000 |
$216,001 – $288,000 |
More than $288,000 |
For families, the income thresholds increase by $1,500 for each MLS dependent child after the first.
Other Tax Rates (2022/23)
|
Tax Rate |
Standard companies |
30% |
Small business companies (with aggregated turnover of less than $50 million) |
25% |
Complying Superannuation Fund |
15% |
Non-Complying Superannuation Fund |
45% |
Insurance Bonds |
30% |
Friendly Society Bonds |
30% |
Tax Offsets
Seniors and Pensioners Tax Offset (2022/23)
|
Offset |
Shaded Out Threshold |
Cut Out Threshold |
Single |
$2,230 |
$32,279 |
$50,119 |
Couple (each) |
$1,602 |
$28,974 |
$41,790 |
Couple separated due to illness (each) |
$2,040 |
$31,279 |
$47,599 |
The offset reduces by 12.5 cents per $1 of rebate income above the shade-out threshold. Rebate income is defined as Taxable Income plus adjusted fringe benefits plus reportable superannuation contributions plus net investment losses.
Low Income Tax Offset (2022/23)
Offset |
Shaded Out Threshold |
Cut Out Threshold |
$700 |
$37,500 |
$66,667 |
The offset reduces by 5 cents per $1 of taxable income between $37,500 and $45,000, and a further 1.5 cents per $1 of taxable income between $45,000 and $66,667.
Low and Middle Income Tax Offset (2021/22)
The low and middle income tax offset (LMITO) was increased by $420 for the 2021–22 financial year. The LMITO ended on 30 June 2022 and is not available for the 2022/23 income year and later income years.
Taxable Income |
Offset |
Up to $37,000 |
$675 |
$37,001-$48,000 |
$675 plus 7.5 cents per dollar over $37,000, up to a maximum of $1,500 |
$48,001-$90,000 |
$1,500 |
$90,001-$126,000 |
$1,500 less 3 cents per dollar over $90,000 |
Spouse Contribution Tax Offset
Offset |
Shaded Out Threshold |
Cut Out Threshold |
$540 |
$37,000 |
$40,000 |
The offset is 18% of the lesser of:
- $3,000 reduced by $1 per $1 of spouse’s income5 above $37,000,
- Or the total contribution for the spouse.
5 Assessable income plus reportable fringe benefits plus reportable employer superannuation contributions.