Income Tax Rates
Australian Residents
Income Level
Marginal Tax Rate
$0-$6,000
Nil
$6,001-$25,000
15c for each $1 over $6,000
$25,001-$75,000
$2,850 + 30c for each $1 over $25,000
$75,001-$150,000
$17,850 + 40c for each $1 over $75,000
$150,001 and over
$47,850 + 45c for each $1 over $150,000
Non-Residents
Income Level
Marginal Tax Rate
$0-$25,000
29c for each $1
$25,001-$75,000
$7,250 plus 30c for each $1 over $25,000
$75,001-$150,000
$22,250 plus 40c for each $1 over $75,000
$150,001 and over
$52,250 plus 45c for each $1 over $150,000
Low Income Tax Offset
Maximum Offset of $600
Offset phases out at a rate of 4% at incomes over $25,000 with the upper limit set at $40,000.
Mature Age Offset
Maximum $500 offset for Australian residents who are age 55 or older before the end of the income tax year.
Offset phases in at a rate of 5% for incomes less than $10,000.
Offset phases out at a rate of 5% for incomes over $53,000 with the upper limit set at $63,000
Medicare Levy
The standard Medicare Levy is 1.5% of your taxable income if your income is above the Medicare Levy Reduction threshold.
Medicare Levy Reduction Thresholds
Individual Income Thresholds
Low Threshold
High Threshold
Eligible for Senior Tax Offset:
$24,867
$29,255
Eligible for Pensioner Tax Offset:
$21,637
$25,455
All Other Taxpayers:
$16,740
$19,694
Family Income Thresholds
Low Threshold
High Threshold
Eligible for Senior Tax Offset:
$33,500
$39,411
All Other Taxpayers:
$28,247
$33,231
Medicare Levy Surcharge
The standard Medicare Levy Surcharge is 1% of your taxable income and reportable fringe benefits if your income is above the Medicare Levy Surcharge thresholds.
Medicare Levy Surcharge Thresholds
Single Threshold:
$50,000
Family Threshold:
$100,000
Education Repayment
HECS-HELP debt Repayment Rate
Taxable Income
Repayment Rate
Below $38,149
Nil
$38,149-$42,494
4%
$42,495-$46,838
4.5%
$46,839-$49,300
5%
$49,301-$52,994
5.5%
$52,995-$57,394
6%
$57,395-$60,414
6.5%
$60,415-$66,485
7%
$66,486-$70,846
7.5%
$70,847 and above
8%
SFSS debt Repayment Rate
Taxable Income
Repayment Rate
Below $38,149
Nil
$38,149-$46,838
2%
$46,839-$66,485
3%
$66,486 and above
4%
Medical Expense Offset
20% tax offset on net medical expenses over $1,500.