Australia Income Tax Rates 2015-2016 and Deductions

Australia Income Tax Rate for Individual Tax Payers (Proposed)

In Australia lowest Individual Tax Rate is 6% and Highest Rate is 50%

Taxable Income        Tax Rate

$0 - $18,200                0

$18,201 - $37,000        19 c for each $1 over $18,200

$37,001 - $80,000        $ 3,572 plus 32.5 c for each $1 over $37,000

$80,001 - $180,000      $ 17,547 plus 37 c for each $1 over $80,000

$180,001 and above      $ 54,547 plus 45 c for each $1 over $180,000

 

 

The above rates do not include the Temporary Budget Repair Levy. The Temporary Budget Repair Levy is payable at a rate of 2% for taxable incomes over $180,000.

 

Medicare levy
Medicare is the scheme that gives Australian residents access to health care. To help fund the scheme, most taxpayers pay a Medicare levy of 2.0% of their taxable income.
From 1 July 2014 the Medicare levy rose from 1.5% to 2.0%

 

Further information
The department will work out your Medicare levy, including any Medicare levy reduction, from the information you provide on your tax return.
If you want to work out your Medicare levy, you can use the Medicare levy calculator.


Reduction for people on low incomes
Your Medicare levy is reduced if your income is below a certain threshold and in some cases you may not have to pay the levy at all. The thresholds are higher for seniors. If your income is above the thresholds, you may still qualify for a reduction based on your family taxable income.


Medicare levy exemption
You may be exempt from paying the Medicare levy if you?re a foreign resident, a resident of Norfolk Island, not entitled to Medicare benefits, or you meet certain medical requirements. If you're entitled to an exemption you need to tell us on your tax return.


Medicare levy surcharge
You have to pay the Medicare levy surcharge (MLS) if your income for Medicare levy surcharge purposes is above a certain threshold and you (or any of your dependants) don't have appropriate private patient hospital cover. The surcharge is in addition to the Medicare levy.

 

Corporate Tax (Company Tax) Rates in Australia

Corporate Tax Rate in Australia is 30%