Individual Tax Rates
There were no changes to personal income tax rates in the Budget. This means that the 2% Temporary Budget Repair Levy will end on June 30, 2017. The following table lists the individual income tax rates for Australian residents for the financial year ending June 30, 2018:
Taxable Income |
Tax Payable |
$0 - $18,200 |
Nil |
$18,201 - $37,000 |
19% of excess over $18,200 |
$37,001 - $87,000 |
$3,572 plus 32.5% of excess over $37,000 |
$87,001 - $180,000 |
$19,822 plus 37% of excess of $87,000 |
$180,001 and over |
$54,232 plus 45% of excess over $180,000 |
Click HERE to download the full edition of The Business Accelerator Magazine for June 2017
Other Articles in This Edition:
Some of the Biggest Mistakes Small Businesses Make With Their Websites
Federal Budget – Economic Summary
Small Business - $20k Small Business Immediate Tax Deduction
Small Business - Company Tax Rates
Small Business - Extension of Taxable Payments Reporting to Courier and Cleaning Industries
Small Business - Access to CGT Concessions
Small Business - Looking to Employ Foreign Workers?
Individuals - Changes to the Medicare levy
Restricting Residential Investment Property Deductions
Individuals - Higher Education Reform
Superannuation - Contributing Proceeds from Downsizing to Superannuation
Superannuation - First Home Super Saver Scheme
GST Changes - Purchasers to Pay GST on New Residential Premises
GST Changes - Digital Currency & Low-Value Imports
Tax Integrity Measures
DISCLAIMER: This document contains general advice only and is prepared without taking into account your particular objectives, financial circumstances and needs. The information provided is not a substitute for legal, tax and financial product advice. Before making any decision based on this information, you should speak to a licensed financial advisor who should assess its relevance to your individual circumstances. While the firm believes the information is accurate, no warranty is given as to its accuracy and persons who rely on this information do so at their own risk. The information provided in this bulletin is not considered financial product advice for the purposes of the Corporations Act 2001.