Tax

Tax Return Preparation

Required Document to bring to your Tax Agent:

Document Showing your income:
– PAYG payment summaries from your employer and any other paperwork showing your salary, benefits and allowances;
– summaries of benefits received from Centrelink or Veterans Affairs;
– statements showing any dividends or investment income you’ve received, and bank statements showing any interest you earned on your bank accounts and term deposits etc.

Documents showing tax-deductible expenses:
– receipts for any deductible items you may have paid for (e.g. eligible work or study-related expenses);
– summary statement of payments for private health insurance;
– other health-related receipts which may entitle you to a tax deduction if you are over a certain threshold;
– receipts from registered charities for any tax-deductible donations you have made.

 

Tax Return preparation is devided into 2 types:

Individual
Business

Individual income tax rates

Residents

These rates apply to individuals who are Australian residents for tax purposes.

Tax rates 2017–18

Resident tax rates 2017–18

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 $180,000

The above rates do not include the Medicare levy of 2%.

The temporary budget repair levy ceased applying from 1 July 2017.

Tax rates 2016–17

Resident tax rates 2016–17

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 $180,000

The above rates do not include the:

Medicare levy of 2%
Temporary Budget Repair Levy; this levy is payable at a rate of 2% for taxable incomes over $180,000.
See also:

Medicare levy
Temporary budget repair levy
Foreign residents

These rates apply to individuals who are foreign residents for tax purposes.

Tax rates 2017–18

Foreign resident tax rates 2017–18

Taxable income Tax on this income
$0 – $87,000 32.5c for each $1
$87,001 – $180,000 $28,275 plus 37c for each $1 over $87,000
$180,001 and over $62,685 plus 45c for each $1 over $180,000

Foreign residents are not required to pay the Medicare levy.

The temporary budget repair levy ceased applying from 1 July 2017.

Tax rates 2016–17

Foreign resident tax rates 2016–17

Taxable income Tax on this income
$0 – $87,000 32.5c for each $1
$87,001 – $180,000 $28,275 plus 37c for each $1 over $87,000
$180,001 and over $62,685 plus 45c for each $1 over $180,000

Foreign residents are not required to pay the Medicare levy.

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

Individual Income Tax Rates for Residents
These rates apply to individuals who are Australian residents for tax purposes

Tax rates 2013-14

Taxable income Tax on this income
$0 – $18,200 Nil
$18,201 – $37,000 19c for each $1 over $18,200
$37,001 – $80,000 $3,572 plus 32.5c for each $1 over $37,000
$80,001 – $180,000 $17,547 plus 37c for each $1 over $80,000
$180,001 and over $54,547 plus 45c for each $1 over $180,000

The above rates do not include the Medicare levy of 1.5% (refer to Guide to Medicare levy for more information).

Tax rates 2012-13

Taxable income Tax on this income
$0 – $18,200 Nil
$18,201 – $37,000 19c for each $1 over $18,200
$37,001 – $80,000 $3,572 plus 32.5c for each $1 over $37,000
$80,001 – $180,000 $17,547 plus 37c for each $1 over $80,000
$180,001 and over $54,547 plus 45c for each $1 over $180,000

The above rates do not include the Medicare levy of 1.5% (refer to Guide to Medicare levy for more information).

Tax offsets reduce the tax payable. Tax offsets based on taxable income levels apply to a range of circumstances.

Children

If you are under the age of 18, and receive ‘unearned’ income (for example, investment income), special rates apply.