TAX RATES
| Marginal Tax Rates - For the year ended 30th June 2006 | |
| Taxable Income | Tax on this income* |
| 0 to $6,000 | Nil |
| $6,001 - $21,600 | 15c for each $1 over $6,000 |
| $21,601 - $63,000 | $2,340 + 30c for each $1 over $21,600 |
| $63,001 - $95,000 | $14,760 + 42c for each $1 over $63,000 |
| Over $95,000 | $28,200 + 47c for each $1 over $95,000 |
* Rates shown do not include Medicare Levy of 1.5% nor the 1% surcharge, which applies to couples with, combined incomes including fringe benefits over $100k ($50k for single) who do not have adequate private cover. |
|
| Marginal tax rates - Current from 1st July 2006 | |
| Taxable Income | Tax on this income* |
| 0 to $6,000 | Nil |
| $6001 - $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 |
| Over $150,000 | $47,850 + 45c for each $1 over $150,000 |
* Rates shown do not include Medicare Levy of 1.5% nor the 1% surcharge, which applies to couples with, combined incomes including fringe benefits over $100k ($50k for single) who do not have adequate private cover. |
|
| Company Tax Rate |
| 30% |
| Medicare Levy Thresholds for 2004/2005 | |
| Taxable income | Standard rates |
| 0 -$15,902 | 0% |
| $15,902 - $17,191 | 20% of excess over $15,902 but < $17,191 |
| $17,191 and over | 1.5% |
* the rates quoted are for singles, higher thresholds apply to couples. |
|
| Medicare Levy Surcharge* |
|
| Taxable income** | Surcharge rates |
| Single > $50,000 | 1% |
| Couple >$100,000 | 1% |
*Payable where no private patient health insurance |
|
Mature Age Workers Tax Offset
This tax offset aims to encourage and reward mature
age workers who stay in the workforce. The offset is available
from 1st July 2004. The maximum offset is $500.
How much offset are you entitled to?
The mature age worker tax offset will phase in at 5 cents
per dollar from the first dollar of net income from working.
The full $500 offset will be available when net income from
working reaches $10,000.
In 2004-05 the offset will phase out at 5 cents per dollar
of net income from working exceeding $48,000. No offset will
be available when net income from working reaches $58,000.
From 2005-06 the tax offset will start to phase out once net
income from working exceeds $53,000, so that no offset is
available when net income from working reaches $63,000.
| Year | If your net income from working is ... | your tax offset is ... |
| 2004-05 | less than $10,000 | calculated at 5 cents per dollar from $0 to $9,999. |
| between $10,000 and $48,000 | $500. | |
| more than $48,000 but less than $58,000 | reduced by 5 cents per dollar over $48,000. | |
| $58,000 and above | Nil. | |
| 2005-06 and future years | less than $10,000 | calculated at 5 cents per dollar from $0 to $9,999. |
| between $10,000 and $53,000 | $500. | |
| more than $53,000 but less than $63,000 | reduced by 5 cents per dollar over $53,000. | |
| $63,000 and above | Nil. |
