Treasury Laws Amendment (Personal Income Tax Plan) Act 2018 (47 of 2018)

Schedule 2   Personal income tax reform

Part 1   Main amendments

Income Tax Rates Act 1986

9   Clause 1 of Part III of Schedule 7 (table)

Repeal the table, substitute:

Tax rates for working holiday makers for the 2018-19, 2019-20, 2020-21 or 2021-22 year of income

Item

For the part of the taxpayer's working holiday taxable income that:

The rate is:

1

does not exceed $37,000

15%

2

exceeds $37,000 but does not exceed $90,000

32.5%

3

exceeds $90,000 but does not exceed $180,000

37%

4

exceeds $180,000

45%

Note: The above table will be repealed on 1 July 2024 by the Treasury Laws Amendment (Personal Income Tax Plan) Act 2018.

Tax rates for working holiday makers for the 2022-23 or 2023-24 year of income

Item

For the part of the taxpayer's working holiday taxable income that:

The rate is:

1

does not exceed $41,000

15%

2

exceeds $41,000 but does not exceed $120,000

32.5%

3

exceeds $120,000 but does not exceed $180,000

37%

4

exceeds $180,000

45%

Note: The above table will be repealed on 1 July 2026 by the Treasury Laws Amendment (Personal Income Tax Plan) Act 2018.

Tax rates for working holiday makers for the 2024-25 year of income or a later year of income

Item

For the part of the taxpayer's working holiday taxable income that:

The rate is:

1

does not exceed $41,000

15%

2

exceeds $41,000 but does not exceed $200,000

32.5%

3

exceeds $200,000

45%