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Australia Income Tax Rate for Financial Year 2018-19 for salaried Individuals, Self employed persons, Resident individuals and Corporate / Companies.

 

 

Australia Individual Income Tax Rate for 2018-19

 

Income Tax Rate for Australian Residents 2018-19

Taxable Income Slab Tax Rate Tax Payable
$18,200 0% Nil
$18,201 to $37,000 19% 19c per 1$ over $18,200
$37,001 to $ 90,000 32.5% $3,572+ 32.5c per $1 over $37,000
$90,001 to $180,000 37% $20,797+ 37c per $1 over $90,000
$180,001 and above 45% $54,097+ 45c per $1 over $180,000

 

Medical Levy of 2% is extra

From 1st July 2017 Temporary Budget Repair levy ceased.

 

Income Tax Rate in Australia for Foreign Residents 2018-19

Taxable Income Slab Tax Rate Tax Amount
0 to $ 90,000 32.50% 32.5c per $1
$90,001 to $180,000 37% $29,250 + 37c per $1 over $90,000
$180,001 and above 45% $62,550 + 45c per $1 over $180,000

Medicare Levy is not applicable to Foreign residents

 

Working Holiday Makers Tax Rates

Working holiday makers are liable to pay tax regardless of residency for tax purposes. The following visa subclass classifies working holiday maker.

- 417 (working holiday)

- 462 (working holiday)

 

Income Tax Rate for Working Holiday makers in Australia 2017-18

Taxable Income Slab Tax Rate Tax Rate
$0 to $37,000 15% 15c for each $1
$37,001 to $ 90,000 32.50% $5,550 + 32.5c per $1 over $37,000
$90,001 to $180,000 37% $22,775 + 37c per $1 over $87,000
$180,001 and above 45% $56,075 + 45c per $1 over $180,000

 

Who are working Holiday makers in Australia

If you work in Australia, tax will be withheld from your pay and you need to lodge a tax return each year.
The Australian income year starts on 1 July and ends on 30 June the following year.

From 1 January 2017 - as a working holiday maker - the first $37,000 of your income is taxed at 15% and the balance is taxed at ordinary rates. Any income you earned prior to 1 January 2017 will be taxed based on your residency (most working holiday makers are foreign residents for tax purposes).

 

Australia Corporate / Company Income Tax Rate 2018-19

Income Category Tax Rate
Base Rate Entities
  1. has an aggregated turnover less than the turnover threshold - which is $50 million for the 2018-19 income year, and
  2. is carrying on a business.
     
27.50%
Others 30%

 

Australia Life Insurance Companies Income Tax Rate 2017-18

Income Category Tax Rate
Ordinary class of taxable income 30%
Complying superannuation class of taxable income 15%
Additional Tax on No TFN contributions income where the company is a retirement savings account (RSA) Provider 32%

 

RSA Providers other than Insurance Companies Income Tax Rate 2017-18

Income Category Tax Rate
RSA Component of taxable income 15%
Additional Tax on No TFN contributions income 32%
Standard Component of Taxable Income

-Base Rate entity

-Otherwise

 

27.5%

30%

 

Pooled Development Funds (PDFs) Income Tax Rate 2017-18

Income Category Tax Rate
Income Component of small and medium sized enterprises 15%
Unregulated investment component 25%
The amount that exceeds the PDF component

-Base Rate entity

-Otherwise

 

27.5%

30%

 

Credit Unions Income Tax Rate 2017-18

Income Category Tax Rate
Under $50,000 Small credit unions - Base Rate Entities 27.5%
Under $50,000 Small credit unions - Otherwise 30%
$50,000 to $149,999 Medium Credit Unions - Base Rate Entities 41.25%
$50,000 to $149,999 Medium Credit Unions - Otherwise 45%
$150,000 and over Large Credit Unions - Base Rate Entities 27.5%
$150,000 and over Large Credit Unions - Otherwise 30%

 

- Small credit unions are taxed on all their taxable income, but note the treatment of mutual interest. Interest derived by small credit unions is exempt from tax if:
- the credit union is an approved credit union, and
- the interest is paid to the credit union by its non-company members in respect of loans it made to those members.
 

Note for Profit Companies Income Tax Rate 2017-18

Taxable Income Tax Rate
$0 to $416 0%
$417 to $915 55%
$916 and above 30%

 

Note for Profit Companies - Base Rate Entities Income Tax Rate 2017-18

Taxable Income Tax Rate
$0 to $416 0%
$417 to $831 55%
$832 and above 27.5%

 

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