Company tax rates 2017-18
Standard corporate: 30%
Base rate entity: 27.5% (aggregated turnover < $25m, 2018-19: < $50m)
Small business Y tax offset: 8% tax offset (aggregated turnover < $5m) – capped at $1,000 per individual
GST
2019 Federal Budget
Income tax tables
From 1 July 2024:
removal of the 37% tax bracket entirely.
increase in the threshold of the highest marginal rate, (45%), from $180,000 to $200,000.
reduction of the 32.5% tax bracket to 30% for taxpayers earning between $45,001 – $200,000.
Low and middle income tax offset
The offset will only be paid upon lodgement of the 2019 and future year income tax returns.
This offset will be in addition to the current low income tax offset.
From 1 July 2022, the low income tax offset will increase from $645 to $700.
Medicare Levy low-income thresholds
No private health insurance = need to pay medicare levy surcharge (1-1.5% of your income)
Other income ○ Category 2 : ATO interest ○ Category 3 :Income protection payments
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