Tax rates, changes starting 1st July 2012

Tax rates

 

Personal tax rates will change for the year starting 1 July 2012 and the flood levy will cease to apply.

 

The personal income tax rates for the 2013 income year are as follows (the Medicare levy is excluded):

 

Taxable income $ Rate %
0 – 18,200 0
18,201 – 37,000 19
37,001 – 80,000 32.5
80,001 – 180,000 37
180,001 + 45

 

The low income tax offset will reduce to $445 for the year starting 1 July 2012. This means the effective tax-free threshold is $20,542.

 

If you use a payroll software package to calculate the withholding amount from salary and wages, please ensure your tax rates are updated.

 

Tax tips – Accord Accounting,

Accountants in Sydney and the North Shore

 

Technorati Tags: , , ,

 

Take advantage of our small business accounting services during which we will help you to refine your needs and consider an accounting and tax planning solution for your business going forward… make an online enquiry today or call us on +61 2 9419 5322and let us help you solve your accounting or tax problems.

Technorati Tags: , , ,

Technorati Tags: , , ,

Comments are closed.