Useful Rates and References
Income tax
Rates for 2018
Resident individual tax rates
|
Taxable income |
Rate (%) |
Calculate as |
|
$0 - $18,200 |
0 |
Nil tax payable |
|
$18,201 - $37,000 |
19 |
19c for each $1 over $18,200 |
|
$37,001 - $87,000 |
32.5 |
$3,572 plus 32.5c for each $1 over $37,000 |
|
$87,001 - $180,000 |
37 |
$19,822 plus 37c for each $1 over $87,000 |
|
$180,001 and above |
45 |
$54,232 plus 45c for each $1 over $180,000 |
Medicare levy is 2% of individual’s taxable income.