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Personal income tax rates for Australian residents (2017-2018)
There were no changes to personal income tax rates and thresholds in the 2017-2018 Federal Budget.
The three (3) year Temporary Budget Repair Levy (TBRL) of 2% for individuals with a taxable income of over $180,000 (announced in the 2014-15 Federal Budget) ceased on 30 June 2017.
The table below outlines marginal tax rates applying from 1 July 2017. It reflects the removal of the TBRL and the return of the top marginal rate to 45% (reduced from 47%). Employers with employees earning in excess of $180,000 should adjust their withholding rates accordingly.
|Tax Table||Tax on this Income (New Rates)|
|0 to $18,200||Nil|
|$18,201 to $37,000||19c for each $1 over $18,200|
|$37,001 to $87,000||$3,572 plus 32.5c for each $1 over $37,000|
|$87,001 to $180,000||$19,822 plus 37c for each $1 over $87,000|
|$180,001 and over||$54,232 plus 45c for each $1 over $180,000|
Note: This table does not include the Medicare Levy (currently 2%) or the effect of any Low Income Tax Offset (LITO). The rates apply to Australian resident individual tax payers only. Different rates apply to foreign/non-resident individuals, including Working Holiday Makers.
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