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What is the personal income tax rate in Australia?
Australia's personal income tax rates are divided into four brackets: 0-18,200 Australian dollars at 0.%, 18,201-45,000 Australian dollars at 19.%, 45,001-120,000 Australian dollars at 32.5%, and the part exceeding 120,000 Australian dollars at 37.%.How is personal income tax calculated in Australia?
According to the Australian Taxation Office, personal income tax is calculated based on pre-tax income and the tax rate table. Pre-tax income includes wages, bonuses, dividends, interest and property rent, etc. The tax rate table is calculated in different grades, and different income amounts correspond to different tax rates. The tax rates for personal income tax in Australia range from 19% to 45%. In addition, if your income exceeds a certain threshold, you will also need to pay additional Medicare Levy and Medicare Levy Surcharge. If you need more detailed information, it is recommended to visitAustralian Taxation Office official website.
What expenses can be deducted from Australian personal income tax?
According to the Australian Taxation Office, the following expenses can be deducted from personal income tax:
- Career-related expenses, such as job training, work uniforms and insurance;
- Charitable donations;
- health care costs;
- Amounts contributed to retirement savings accounts (superannuation);
- Interest expenses;
- Children’s education expenses.
It is important to note that these expenses must be paid by you and must be related to your work or income. In addition, certain conditions and restrictions must be met to deduct these expenses. It is recommended that you learn about the relevant regulations in detail or consult professionals before declaring personal income tax.
Are there any personal income tax exemptions in Australia?
Yes, Australia has a personal income tax exemption. As of 2023, the personal income tax exemption is AUD$18,200. If your income is less than this amount, you will not have to pay personal income tax. However, if your income is more than this amount, you will need to pay personal income tax at the corresponding tax rate. You can find out more about personal income tax and tax rates on the Australian Taxation Office website.
Australian Taxation Office tax rates for residents/foreign residents/working holiday makers
Resident tax rates 2023–24
| Taxable income | Tax on this income |
|---|---|
| 0 – $18,200 | Nil |
| $18,201 – $45,000 | 19c for each $1 over $18,200 |
| $45,001 – $120,000 | $5,092 plus 32.5c for each $1 over $45,000 |
| $120,001 – $180,000 | $29,467 plus 37c for each $1 over $120,000 |
| $180,001 and over | $51,667 plus 45c for each $1 over $180,000 |
The above rates do not include the Medicare levy of 2%.
Resident tax rates 2022–23
| Taxable income | Tax on this income |
|---|---|
| 0 – $18,200 | Nil |
| $18,201 – $45,000 | 19c for each $1 over $18,200 |
| $45,001 – $120,000 | $5,092 plus 32.5c for each $1 over $45,000 |
| $120,001 – $180,000 | $29,467 plus 37c for each $1 over $120,000 |
| $180,001 and over | $51,667 plus 45c for each $1 over $180,000 |
The above rates do not include the Medicare levy of 2%.
Foreign resident tax rates 2023–24
| Taxable income | Tax on this income |
|---|---|
| 0 – $120,000 | 32.5c for each $1 |
| $120,001 – $180,000 | $39,000 plus 37c for each $1 over $120,000 |
| $180,001 and over | $61,200 plus 45c for each $1 over $180,000 |
Foreign resident tax rates 2022–23
| Taxable income | Tax on this income |
|---|---|
| 0 – $120,000 | 32.5c for each $1 |
| $120,001 – $180,000 | $39,000 plus 37c for each $1 over $120,000 |
| $180,001 and over | $61,200 plus 45c for each $1 over $180,000 |
Working holiday maker tax rates 2023–24
| Taxable income | Tax on this income |
|---|---|
| 0 – $45,000 | 15c for each $1 |
| $45,001 – $120,000 | $6,750 plus 32.5c for each $1 over $45,000 |
| $120,001 – $180,000 | $31,125 plus 37c for each $1 over $120,000 |
| $180,001 and over | $53,325 plus 45c for each $1 over $180,000 |
Working holiday maker tax rates 2022–23
| Taxable income | Tax on this income |
|---|---|
| 0 – $45,000 | 15c for each $1 |
| $45,001 – $120,000 | $6,750 plus 32.5c for each $1 over $45,000 |
| $120,001 – $180,000 | $31,125 plus 37c for each $1 over $120,000 |
| $180,001 and over | $53,325 plus 45c for each $1 over $180,000 |
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