Wednesday, 24 October 2012

A quick look at Individual Income Tax rate 2012/2013


A quick look at Individual Income Tax rate 2012/2013




From the 2012/2013 year the tax-free threshold will lift up to the first $18,200 of your income. You will be able to earn up to $20,542 (from the 2012/2013 year) before any income tax is payable, when taking into account LITO. From the 2012/2013 year, your top tax rate can be expected to be 0%, 19%, 32.5%, 37% or 45% (plus Medicare levy)

Individual income tax rates 






Year 2011/12 *
Year 2012/13
Year 2015/16   Proposed






Threshold $
Rate
Threshold $
Rate
Threshold $
Rate
6001
15
18201
19
19401
19
37001
30
37001
32.5
37001
33
80001
37
80001
37
800001
37
180001
45
180001
45
180001
45






Effective Tax - free threshold  $16000
Effective Tax - free threshold  $20542
Effective Tax - free threshold  $20979
LITO is $1500, withdrawl rate is 4% from $3000
LITO is $445, withdrawl rate is 1.5% from $3001
LITO is $300, withdrawl rate is 1% from $3002






*  For the 2011/2012 year only, if your taxable income is more than $50,000 then your income will also be subject to a flood levy.
*  LITO - low income tax offset
Source: Adapted from information from the ATO website (www.ato.gov.au) - Individuals
Warning: While all care has been taken in the preparation of this document (using sources believed to be reliable and accurate), we do not accept responsibility for any loss suffered by any person arising from reliance on this information. This document is not financial product advice and does not take into account any individual's objectives, financial situation or needs.


For more information about tax rate or Individual Income Tax return,  please contact us or email  info@neweaccounting.com.au 




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