Useful Rates and References
Income tax
Rates for 2024
Resident individual tax rates
|
Taxable income |
Rate (%) |
Calculate as |
|
$0 - $18,200 |
0 |
Nil tax payable |
|
$18,201 - $45,000 |
19 |
19c for each $1 over $18,200 |
|
$45,001 - $120,000 |
32.5 |
$5,092 plus 32.5c for each $1 over $45,000 |
|
$120,001 - $180,000 |
37 |
$29,467 plus 37c for each $1 over $120,000 |
|
$180,001 and above |
45 |
$51,667 plus 45c for each $1 over $180,000 |
Medicare levy is 2% of individual’s taxable income.