TAX RATES 2024 – 2025:
| Taxable income | Tax on this income |
|---|---|
| 0 – $18,200 | Nil |
| $18,201 – $37,000 | 19c for each $1 over $18,200 |
| $37,001 – $87,000 | $3,572 plus 32.5c for each $1 over $37,000 |
| $87,001 – $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,Resident tax rates 2024–25 Taxable income Tax on this income 0 – $18,200 Nil $18,201 – $45,000 16c for each $1 over $18,200 $45,001 – $135,000 $4,288 plus 30c for each $1 over $45,000 $135,001 – $190,000 $31,288 plus 37c for each $1 over $135,000 $190,001 and over $51,638 plus 45c for each $1 over $190,000 |
Plus 2.0% Medicare Levy on the Taxable Income above. There are low income, full or partial Medicare exemptions available. Medicare Levy Surcharge [ MLS ] will be applicable as applicable below.
Medicare Levy Surcharge:
The Medicare levy surcharge (MLS) is in addition to the Medicare levy.
- your taxable income
- your total reportable fringe benefits, and
- any amount on which family trust distribution tax has been paid
| Unchanged | Tier 1 | Tier 2 | Tier 3 | |
|---|---|---|---|---|
| Singles | 90,000 or less | $90,001 – $105,000 | $105,001 – $140,000 | $140,001 or more |
| Families | $180,000 or less | $180,001 – $210,000 | $210,001 – $280,000 | $280,001 or more |
| Medicare Levy Surcharge | 0% | 1% | 1.25% | 1.5% |
Previous Year Tax Rates could be looked by clicking this link
TAX RATES FOR NON RESIDENTS OF AUSTRALIA:
| 0 – $90,000 | 32.5c for each $1 |
| $90,001 – $180,000 | $29,250 plus 37c for each $1 over $90,000 |
| $180,001 and over | $62,550 plus 45c for each $1 0 – $90,000 32.5c for each $1 $90,001 – $180,000 $29,250 plus 37c for each $1 over $90,000 $180,001 and over $62,550 plus 45c for each $1 over $180,000 |
ATO LIKELY TO AUDIT !!
This year we will be focused on:
- High overall expense claim
- Poor record keeping or non-compliance of records