INCOME TAX RATES ACT 1986

Schedules

SCHEDULE 7 - GENERAL RATES OF TAX  

Subsection 12(1)


PART I - RESIDENT TAXPAYERS  

SECTION 1.   1.  


Subject to clauses 2, 3 and 4, the rates of tax on the taxable income of a resident taxpayer are as follows:


(a) 45% for the superannuation remainder (if any) of the taxable income;


(aa) 45% for the employment termination remainder (if any) of the taxable income;


(b) for each part of the ordinary taxable income specified in the table applicable to the year of income - the rate applicable under that table.


Tax rates for resident taxpayers for the 2018-19, 2019-20, 2020-21 or 2021-22 year of income
Item For the part of the ordinary taxable income of the taxpayer that: The rate is:
1 exceeds the tax-free threshold but does not exceed $37,000 19%
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The above table will be repealed on 1 July 2024 by the Treasury Laws Amendment (Personal Income Tax Plan) Act 2018 .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 resident taxpayers for the 2022-23 or 2023-24 year of income
Item For the part of the ordinary taxable income of the taxpayer that: The rate is:
1 exceeds the tax-free threshold but does not exceed $45,000 19%
2 exceeds $45,000 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The above table will be repealed on 1 July 2026 by the Treasury Laws Amendment (Personal Income Tax Plan) Act 2018 .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 resident taxpayers for the 2024-25 year of income or a later year of income
Item For the part of the ordinary taxable income of the taxpayer that: The rate is:
1 exceeds the tax-free threshold but does not exceed $45,000 19%
2 exceeds $45,000 but does not exceed $200,000 30%
3 exceeds $200,000 45%




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