Stats & Facts
Tax
Taxation Rates & Thresholds
Individual Resident Tax rates (2024/2025) 1
|
Taxable Income |
Marginal tax rate1 |
Tax payable |
|
$0 – $18,200 |
Nil |
Nil |
|
$18,201 – $45,000 |
16% |
Nil + 16% on each $1 over $18,200 |
|
$45,001 – $135,000 |
30% |
$4,288 + 30% on each $1 over $45,000 |
|
$135,001 – $190,000 |
37% |
$31,288 + 37% on each $1 over $135,000 |
|
$190,001 + |
45% |
$51,638 + 45% on each $1 over $190,000 |
1 The 2% Medicare levy may be in addition to this rate
Individual Foreign Resident Tax rates (2024/25)
|
Taxable Income |
Marginal tax rate² |
Tax payable |
|
$0 – $135,000 |
30% |
30% on every $1 |
|
$135,001 – $190,000 |
37% |
$40,500 + 37% on each $1 over $135,000 |
|
$190,001 + |
45% |
$60,850 + 45% on each $1 over $190,000 |
2 Foreign residents are not required to pay the Medicare Levy.
Individuals Foreign Resident Tax rates - Working Holiday Makers (2024/25)
Working holiday makers (that is, individuals with either 417 or 462 via subclass) are taxed at 15% for the first $45,000 and then the same rates as residents above this level.
|
Taxable Income |
Marginal tax rate | Tax payable |
|
$0 - $45,000 |
15% | 15% on every $1 |
|
$45,001 - $135,000 |
30% | $6,750 + 30% on each $1 over $45,000 |
|
$135,001 - $190,000 |
37% | $33,750 + 37% on each $1 over $135,000 |
|
$190,001 + |
45% | $54,100 + 45% on each $1 over $190,000 |
Medicare Levy Thresholds (2023/24)
|
|
No Levy Payable if Taxable Income is equal to or less than: |
Reduced Levy on Income in Range: |
Full Levy Payable (2.0%) if Taxable Income is greater than: |
|
Single |
$26,000 |
$26,000 - $32,500 |
$32,500 |
|
Families 3 |
$43,846 |
$43,846 – $54,807 |
$54,807 |
|
Seniors & Pensioners - Single - Couple/family |
$41,089 $57,198 |
$41,089 – $51,361 $57,198 – $71,497 |
$51,361 $71,497 |
3 The lower threshold increases for each dependent child or student by $4,027.
Medicare Levy Surcharge (2024/25)
The surcharge applies to singles and families with taxable income above the threshold who do not have adequate private health insurance.
|
|
Nil |
1% |
1.25% |
1.5% |
|
Single |
Equal to or less than $97,000 |
$97,001 – $113,000 |
$113,001 – $151,000 |
More than $151,000 |
|
Family |
Equal to or less than $194,000 |
$194,001 – $226,000 |
$226,001 – $302,000 |
More than $302,000 |
For families, the income thresholds increase by $1,500 for each MLS dependent child after the first.
Other Tax Rates (2023/24)
|
|
Tax Rate |
|
Standard company tax rate |
30% |
|
Base rate entity tax rate (with aggregated turnover of less than $50 million and less than 80% passive assessable income) |
25% |
|
Complying Superannuation Fund |
15% |
|
Non-Complying Superannuation Fund |
45% |
|
Insurance Bonds |
30% |
|
Friendly Society Bonds |
30% |
Tax Offsets
Seniors and Pensioners Tax Offset (2024/25)
|
|
Offset |
Shaded Out Threshold |
Cut Out Threshold |
|
Single |
$2,230 |
$34,919 |
$52,759 |
|
Couple (each) |
$1,602 |
$30,994 |
$43,810 |
|
Couple separated due to illness (each) |
$2,040 |
$33,732 |
$50,052 |
The offset reduces by 12.5 cents per $1 of rebate income above the shade-out threshold. Rebate income is defined as Taxable Income plus adjusted fringe benefits plus reportable superannuation contributions plus net investment losses.
Low Income Tax Offset (2023/2024)
|
Offset |
Shaded Out Threshold |
Cut Out Threshold |
|
$700 |
$37,500 |
$66,667 |
The offset reduces by 5 cents per $1 of taxable income between $37,500 and $45,000, and a further 1.5 cents per $1 of taxable income between $45,000 and $66,667.
Spouse Contribution Tax Offset
|
Offset |
Shaded Out Threshold |
Cut Out Threshold |
|
$540 |
$37,000 |
$40,000 |
The offset is 18% of the lesser of:
- $3,000 reduced by $1 per $1 of spouse’s income5 above $37,000,
- Or the total contribution for the spouse.
5 Assessable income plus reportable fringe benefits plus reportable employer superannuation contributions.