**Individual Income Tax Rates not including the Medicare Levy of 2%:**

- If your taxable income is between $0 and $18,200, you do not owe any tax
- If your taxable income is between $18,201 and $37,000, you owe 9c of tax for every dollar above $18,200
- If your taxable income is between $37,001 and $80,000, you owe $3,572 plus 32.5c for every dollar above $37,000
- If your taxable income is between $80,001 and $180,000, you owe $17.547 plus 37c for every dollar above $80,000
- If you have $180,001 or more of taxable income, you owe $54,547 plus 45c for every dollar earned above $180,000

*Note: From 1 July 2014, a Temporary Budget Repair Levy of 2% has been added to the top marginal tax rate and is applicable to incomes above $180,000.*

**Medicare Levy:**

In order to fund Medicare, most taxpayers who are Australian residents are subject to a Medicare levy on their taxable income. **From 1 July 2014, the basic Medicare levy increased from 1.5% to 2%.**

Taxpayers with the following income thresholds are either fully or partially exempt from the Medicare Levy:

- If your taxable income is between $0 and $20,542, you do not owe any tax.
- If your taxable income is between $20,543 and $24,167, you owe 10% of any amount over $20,542.
- If you have $24,168 or more of taxable income, you owe 2% of your total taxable income amount.

Taxpayers who claim the Senior Australian and Pensioner Tax Offset are subject to the following thresholds:

- If your taxable income is between $0 and $32,279, you do not owe any tax.
- If your taxable income is between $32,280 and $37,975, you owe 10% of any amount above $32,279.
- If you have $37,976 or more of taxable income, you owe 2% of your total taxable income amount.

**Medicare Levy Surcharge (MLS)**

You may be subject to the additional Medicare Levy Surcharge if you or you and your family do not have sufficient private patient hospital health insurance cover *and *your income fall above specific thresholds.

- If your income earned is between $0 and $90,000, your surcharge will be 0%.
- If your income earned is between $90,001 and $105,000, your surcharge will be 1%.
- If your income earned is between $105,001 and $140,000, your surcharge will be 1.25%.
- If your income earned is $140,001 or more, your surcharge will be 1.5%.

- If your income earned is between $0 and $180,000, your surcharge will be 0%.
- If your income earned is between $180,001 and $210,000, your surcharge will be 1%.
- If your income earned is between $210,001 and $280,000, your surcharge will be 1.25%.
- If your income earned is $280,001 or more, your surcharge will be 1.5%.