Rates & Thresholds

2020-21

Individual tax rates - Residents

2020–21 tax thresholds

Taxable income	Rate (%)	Tax on this income
$0 – $18,200	0	Nil tax payable
$18,201 – $45,000	19	19c for each $1 over $18,200
$45,001 – $120,000	32.5	$5,092 plus 32.5c for each $1 over $45,000
$120,001 – $180,000	37	$29,467 plus 37c for each $1 over $120,000
$180,001 & above	45	$51,667 plus 45c for each $1 over $180,000

2021–22 tax thresholds

Taxable income	Rate (%)	Tax on this income
$0 – $18,200	0	Nil tax payable
$18,201 – $45,000	19	19c for each $1 over $18,200
$45,001 – $120,000	32.5	$5,092 plus 32.5c for each $1 over $45,000
$120,001 – $180,000	37	$29,467 plus 37c for each $1 over $120,000
$180,001 & above	45	$51,667 plus 45c for each $1 over $180,000

Individual tax rates - Non-Residents

2020–21 tax thresholds

Taxable income	Rate (%)	Tax on this income
$0 – $120,000	32.5	32.5c for each $1
$120,001 – $180,000	37	$39,000 plus 37c for each $1 over $120,000
$180,001 & above	45	$61,200 plus 45c for each $1 over $180,000

2021–22 tax thresholds

Taxable income	Rate (%)	Tax on this income
$0 – $120,000	32.5	32.5c for each $1
$120,001 – $180,000	37	$39,000 plus 37c for each $1 over $120,000
$180,001 & above	45	$61,200 plus 45c for each $1 over $180,000

Resident minors’ tax rate on eligible income - 2020-21

Taxable income	Tax on this income
Up to $416	Nil
$417 – $1,307	66% for the part over $416
$1,307 & above	45% on the entire amount, excluding excepted income

Note: LITO isn’t available for certain minor income.

Non–resident minors’ tax rate on eligible income - 2020-21

Taxable income	Tax on this income
Up to $416	32.5% on the entire amount
$417 – $663	$135.20 + 66% on the part over $416
$664 & above	45% on the entire amount

Working holiday maker tax rates - 2020-21

Taxable income	Tax on this income
Up to $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

Corporate entity tax rates - 2018–19

Corporate entity tax rates	Rate
Private and public companies Corporate unit trusts and public trading trusts	26% or 30% (see note 1) 26% or 30% (see note 1)
Life Insurance companies: Ordinary class Complying superannuation class	30% 15%
Non–profit companies: First $416 taxable income Taxable income $417 – $915/$831 (see note 2) Taxable income $916/$832 and above (see note 2)	Nil 55% of excess over $416 (see note 2) 30% or 26% (see note 2)

Notes:

The tax rate is reduced to 26% for companies that are “base rate entities” (BREs) with an aggregated annual turnover of less than $50 million from 1 July 2018.
Company tax rates (ATO website).

Tax offsets for individuals

2020–21 Low Income Tax Offset

Taxable income	Tax offset
$0 – $37,500	$700
$37,501 – $45,000	$700 – (5% of excess over $37,500)
$45,001 – $66,667	$325 – (1.5% of excess over $45,000)
$66,668 & above	Nil

2020–21 Low and Middle Income Tax Offset

Taxable income	Tax offset
$0 – $37,000	$255
$37,001 – $48,000	$255 + (7.5% of excess over $37,000)
$48,001 – $90,000	$1,080
$90,001 – $126,000	$1,080 – (3% of excess over $90,000)
$126,001 & above	Nil

2020–21 Dependant (Invalid and Carer) Offset

Adjusted taxable income (ATI) is:	Offset amount
$282 or less	$2,816*
$283 – $11,545	$2,816* – [(ATI – $282) ÷ 4]
$11,546 and above	Nil

* This is the maximum offset. Assumes dependant status maintained for full income year.

2020–21 Senior Australian and Pensioners Tax Offset

Family status	Maximum tax offset	Shade–out income threshold	Cut–out income threshold
Single	$2,230	$32,279	$50,119
Married or de facto (each)	$1,602	$28,974	$41,790
Separated due to illness (each)	$2,040	$31,279	$47,599

Note: Offset entitlements reduce by 12.5c for each $1 of rebate income in excess of the shade–out threshold. No entitlement when rebate income reaches the cut–out threshold.

FBT rates and thresholds

FBT and gross–up rates

FBT year	Rate	Type 1	Type 2
2020–21	47%	2.0802	1.8868
2021–22	47%	2.0802	1.8868

Car fringe benefits

Statutory formula method

The statutory fraction is 20%*.

* Applies to “commitments” entered into from May 2011. Previous statutory fractions based on kms travelled may be used for pre–May 2011 commitments.

Taxable value of a fringe benefit of a motor vehicle other than a car (c/km basis)

FBT year ending	0 – 2500cc	Over 2500cc	Motorcycles
31–Mar–21	56c	67c	17c
31–Mar–22	56c	67c	17c

Record keeping exemption

2020–21	$8,853
2021-22	$8,923

FBT – Benchmark interest rate

2020–21	4.80%
2021–22	4.52%

Car parking threshold

2020–21	$9.15
2021–22	$9.25

Div 7A – benchmark interest rate

2020-21

4.52%

Motor vehicles

	2020–21
Luxury car tax limit	$68,740
Fuel efficient luxury car tax limit	$77,565
Car depreciation limit	$59,136
Maximum input tax credit claim for cars	$5,376

Cents per kilometre car rates

For 2020-21, the rate is 72 cents per kilometre regardless of engine size.

For 2021-22, the rate is 72 cents per kilometre regardless of engine size.

Superannuation rates and thresholds

	2020–21	2021-22
SLS (see note 1) low rate cap amount (indexed)	$215,000	$225,000
SLS (see note 1) untaxed plan cap amount (indexed)	$1,565,000	$1,615,000
Life benefit ETP (see note 2) cap (indexed) (see note 3)	$215,000	$225,000
Death benefit ETP (see note 2) cap (indexed) (see note 3)	$215,000	$225,000
Tax–free part of a genuine redundancy payment or early retirement scheme payment (indexed)	$10,989	$11,341
For each completed year of service add	$5,496	$5,672
Government co–contribution (max $500) – from 1 July 2017, total superannuation balance cannot exceed $1.6m
Lower income threshold	$39,837	$41,112
Higher income threshold	$54,837	$56,112
Contribution caps
Concessional (indexed)	$25,000	$27,500
Non–concessional	$100,000	$110,000
Non–concessional with bring forward option (non–indexed) (see note 4)	$300,000	$330,000
CGT cap (indexed)	$1,565,000	$1,615,000
Superannuation Guarantee (SG)
Prescribed minimum employer contribution rate	9.50%	10.00%
Maximum contribution base (per SG quarter)	$57,090	$58,920
Minimum account based pension withdrawal
Under 65 years	2%	2%
65 to less than 75 years	2.5%	2.5%
75 to less than 80 years	3%	3%
80 to less than 85 years	3.5%	3.5%
85 to less than 90 years	4.5%	4.5%
90 to less than 95 years	5.5%	5.5%
95 years and over	7%	7%
Maximum pension withdrawal
Transition to retirement	10%	10%
Account based pension	100%	100%
Preservation age table
Date of birth:
Before 1 July 1960	55
1 July 1960 – 30 June 1961	56
1 July 1961 – 30 June 1962	57
1 July 1962 – 30 June 1963	58
1 July 1963 – 30 June 1964	59
1 July 1964 or later	60

Notes:

Superannuation Lump Sum (SLS)
Employment Termination Payment (ETP)
Whole of income cap of $180,000 applies
Eligible persons may bring forward the next 2 years’ non–concessional contributions

Medicare

2020–21 Medicare levy

Medicare levy is 2% of an individual’s taxable income.

2021–22 Medicare levy for families with dependants

No. of dependants	Nil levy payable	Reduced levy shade–in range (10% of excess over nil band)	Normal 2% payable
0	To $39,167	$39,168 – $48,958	$48,959 & above
1	To $42,764	$42,765 – $53,455	$53,456 & above
2	To $46,361	$46,362 – $57,951	$57,952 & above
3	To $49,958	$49,959 – $62,447	$62,448 & above
4	To $53,555	$53,556 – $66,943	$66,944 & above
5	To $57,152	$57,153 – $71,440	$71,441 & above
6	To $60,749 (see note 1)	$60,750 – $75,936	$75,937 (see note 2) & above

Notes:

For more than 6 dependant children and/or students:

Add $3,597 per child/student
Add $4,496 per child/student

2020–21 Medicare levy surcharge – Income for MLS purposes (see note 1)

Single	Family (see note 2)	Rate
$0 – $90,000	$0 – $180,000	0%
$90,001 – $105,000	$180,001 – $210,000	1%
105,001 – $140,000	$210,001 – $280,000	1.25%
$140,001 and above	$280,001 and above	1.5%

Notes:

Includes taxable income, reportable fringe benefits, reportable super contributions, net investment losses, exempt foreign income and any net amount subject to family trust distribution tax.
Threshold increases by $1,500 for each additional dependent child after the first.

2020–21 Medicare levy reduction threshold

Taxable income	Medicare levy payable
$0 – $23,226	Nil
$23,227 – $29,032	10% of excess over $23,226
$29,033 & above	2% of taxable income

2020–21 Medicare levy threshold: Individuals who qualify for the Senior Australian and Pensioner Tax Offset

Taxable income	Medicare levy payable
$0 – $36,705	Nil
$36,706 – $45,881	10% of excess over $36,705
$45,882 & above	2% of taxable income

2020–21 Medicare levy threshold: Families who qualify for the Senior Australian and Pensioner Tax Offset

Taxable income	Medicare levy payable
$0 – $51,094	Nil
$51,095 – $63,867	10% of excess over $51,095
$63,868 & above	2% of taxable income

Private Health Insurance Rebate - 2020-21

Income thresholds

Status	Base tier	Tier 1	Tier 2	Tier 3
Single	$90,000 or less	$90,001 – $105,000	$105,001 – $140,000	$140,001 or more
Family	$180,000 or less	$180,001 – $210,000	$210,001 – $280,000	$280,001 or more

Rebate for premiums paid 1 July 2020 – 31 March 2021

Age	Base tier	Tier 1	Tier 2	Tier 3
Under 65 yrs	25.059%	16.706%	8.352%	0%
65–69 yrs	29.236%	20.883%	12.529%	0%
70 yrs or over	33.413%	25.059%	16.706%	0%

Rebate for premiums paid 1 April 2021 – 30 June 2022

Age	Base tier	Tier 1	Tier 2	Tier 3
Under 65 yrs	24.608%	16.405%	8.202%	0%
65–69 yrs	28.710%	20.507%	12.303%	0%
70 yrs or over	32.812%	24.608%	16.405%	0%

Note: The family income threshold is increased by $1,500 for each Medicare levy surcharge dependent child after the first child.

HELP compulsory repayments

Repayment income (RI)	Repayment rate
Below $46,620	Nil
$46,620 – $53,826	1.0%
$53,827 – $57,055	2.0%
$57,056 – $60,479	2.5%
$60,480 – $64,108	3.0%
$64,109 – $67,954	3.5%
$67,955 – $72,031	4.0%
$72,032 – $76,354	4.5%
$76,355 – $80,935	5.0%
$80,936 – $85,792	5.5%
$85,793 – $90,939	6.0%
$90,940 – $96,396	6.5%
$96,397 – $102,179	7.0%
$102,180 – $108,309	7.5%
$108,310 – $114,809	8.0%
$114,810 – $121,698	8.5%
$121,699 – $128,999	9.0%
$129,000 – $136,739	9.5%
$136,740 and above	10%

STSL compulsory repayments

2021–22 Study & training support loan compulsory repayments

2020–21 Repayment income (RI)	2021–22 Repayment income (RI)	Rate (of RI)
Below $46,620	Below $47,014	Nil
$46,620 – $53,826	$47,014 – $54,281	1%
$53,827 – $57,055	$54,282 – $57,538	2%
$57,056 – $60,479	$57,539 – $60,991	2.5%
$60,480 – $64,108	$60,992 – $64,650	3%
$64,109 – $67,954	$64,651 – $68,529	3.5%
$67,955 – $72,031	$68,530 – $72,641	4%
$72,032 – $76,354	$72,642 – $77,000	4.5%
$76,355 – $80,935	$77,001 – $81,620	5%
$80,936 – $85,792	$81,621 – $86,518	5.5%
$85,793 – $90,939	$86,519 – $91,709	6%
$90,940 – $96,396	$91,710 – $97,212	6.5%
$96,397 – $102,179	$97,213 – $103,044	7%
$102,180 – $108,309	$103,045 – $109,226	7.5%
$108,310 – $114,707	$109,227 – $115,678	8%
$114,708 – $121,698	$115,679 – $122,728	8.5%
$121,699 – $128,999	$122,729 – $130,091	9%
$129,000 – $136,739	$130,092 – $137,897	9.5%
$136,740 and over	$137,898 and over	10%

Foreign currency exchange

See Foreign exchange rates (ATO website)

2019-20

Individual tax rates - Residents

Taxable income	Rate (%)	Tax on this income
$0 – $18,200	0	Nil tax payable
$18,201 – $37,000	19	19c for each $1 over $18,200
$37,001 – $90,000	32.5	$3,572 plus 32.5c for each $1 over $37,000
$90,001 – $180,000	37	$20,797 plus 37c for each $1 over $90,000
$180,001 & above	45	$54,097 plus 45c for each $1 over $180,000

2019–20 tax thresholds (proposed)

Taxable income	Rate (%)	Tax on this income
$0 – $18,200	0	Nil tax payable
$18,201 – $37,000	19	19c for each $1 over $18,200
$37,001 – $90,000	32.5	$3,572 plus 32.5c for each $1 over $37,000
$90,001 – $180,000	37	$20,797 plus 37c for each $1 over $90,000
$180,001 & above	45	$54,097 plus 45c for each $1 over $180,000

Individual tax rates - Non-Residents

2018–19 tax thresholds

Taxable income	Rate (%)	Tax on this income
$0 – $90,000	32.5	32.5c for each $1
$90,001 – $180,000	37	$29,250 plus 37c for each $1 over $90,000
$180,001 & above	45	$62,550 plus 45c for each $1 over $180,000

2018–19 tax thresholds (proposed)

Taxable income	Rate (%)	Tax on this income
$0 – $90,000	32.5	32.5c for each $1
$90,001 – $180,000	37	$29,250 plus 37c for each $1 over $90,000
$180,001 & above	45	$62,550 plus 45c for each $1 over $180,000

Resident minors’ tax rate on eligible income - 2018-19

Taxable income	Tax on this income
Up to $416	Nil
$417 – $1,307	66% for the part over $416
$1,307 & above	45% on the entire amount

Note: LITO not available for certain minor income.

Non–resident minors’ tax rate on eligible income - 2018–19

Taxable income	Tax on this income
Up to $416	32.5% on the entire amount
$417 – $663	$135.20 + 66% on the part over $416
$664 & above	45% on the entire amount

Working holiday maker tax rates - 2018–19

Taxable income	Tax on this income
Up to $37,000	15c for each $1
$37,001 – $90,000	$5,550 plus 32.5c for each $1 over $37,000
$90,001 – $180,000	$22,775 plus 37c for each $1 over $90,000
$180,001 and over	$56,075 plus 45c for each $1 over $180,000

Corporate entity tax rates - 2018–19

Corporate entity tax rates 2018–19	Rate
Private and public companies Corporate unit trusts and public trading trusts	27.5% or 30% (see note 1) 30% or 27.5% (see note 1)
Life Insurance companies: Ordinary class Complying superannuation class	30% 15%
Non–profit companies: First $416 taxable income Taxable income $417 – $915 (see note 2) Taxable income $916 and above (see note 2)	Nil 55% of excess over $416 (see note 2) 30% or 27.5% (see note 2)

Notes:

The tax rate is reduced to 27.5% for companies that are “base rate entities” (BREs) with an aggregated annual turnover of less than $25 million from 1 July 2017.
Company tax rates (ATO website).

Tax offsets for individuals

2018–19 Low and Middle Income Tax Offset

Taxable income	Tax offset
$0 – $37,000	$255
$37,001 – $48,000	$255 + (7.5% of excess over $37,000)
$48,001 – $90,000	$1,080
$90,001 – $126,000	$1,080 – (3% of excess over $90,000)
$126,001 & above	Nil

2018–19 Dependant (Invalid and Carer) Offset

Adjusted taxable income (ATI) is:	Offset amount
$282 or less	$2,717*
$283 – $11,150	$2,717* – [(ATI – $282) ÷ 4]
$11,150 and above	Nil

* This is the maximum offset. Assumes dependant status maintained for full income year.

2018–19 Senior Australian and Pensioners Tax Offset

Family status	Maximum tax offset	Shade–out income threshold	Cut–out income threshold
Single	$2,230	$32,279	$50,119
Married or de facto (each)	$1,602	$28,974	$41,790
Separated due to illness (each)	$2,040	$31,279	$47,599

Note: Offset entitlements reduce by 12.5c for each $1 of rebate income in excess of the shade–out threshold. No entitlement when rebate income reaches the cut–out threshold.

FBT rates and thresholds

FBT and gross–up rates

FBT year	Rate	Type 1	Type 2
2018–19	47%	2.0802	1.8868
2019–20	47%	2.0802	1.8868

Car fringe benefits

Statutory formula method

The statutory fraction is 20%*.

* Applies to “commitments” entered into from May 2011. Previous statutory fractions based on kms travelled may be used for pre–May 2011 commitments.

Taxable value of a fringe benefit of a motor vehicle other than a car (c/km basis)

FBT year ending	0 – 2500cc	Over 2500cc	Motorcycles
31–Mar–19	54c	65c	16c
31-Mar-20	55c	66c	16c

Record keeping exemption

2018–19	$8,552
2019-20	$8,714

FBT – Benchmark interest rate

2018–19	5.20%
2019-20	5.37%

Car parking threshold

2018–19	$8.83
2019-20	$8.95

Div 7A – benchmark interest rate

2018–19

5.20%

Motor vehicles

	2018–19
Luxury car tax limit	$66,331
Fuel efficient luxury car tax limit	$75,526
Car depreciation limit	$57,581
Maximum input tax credit claim for cars	$5,234

Cents per kilometre car rates

For 2017-18, the rate is 66 cents per kilometre regardless of engine size.

For 2018-19, the rate is 68 cents per kilometre regardless of engine size.

Superannuation rates and thresholds

	2018–19	2019-20
SLS (see note 1) low rate cap amount (indexed)	$205,000	$210,000
SLS (see note 1) untaxed plan cap amount (indexed)	$1,480,000	$1,515,000
Life benefit ETP (see note 2) cap (indexed) (see note 3)	$205,000	$210.000
Death benefit ETP (see note 2) cap (indexed) (see note 3)	$205,000	$210,000
Tax–free part of a genuine redundancy payment or early retirement scheme payment (indexed)	$10,399	$10,638
For each completed year of service add	$5,200	$5,320
Government co–contribution (max $500) – from 1 July 2017, total superannuation balance cannot exceed $1.6m
Lower income threshold	$37,697	$38,564
Higher income threshold	$52,697	$53,564
Low income super contribution
Income threshold	$37,000
Contribution caps
Concessional (indexed)	$25,000	$25,000
Concessional (temporary, non–indexed)
Non–concessional
CGT cap (indexed)	$1,480,000	$1,515,000
Non–concessional with bring forward option (non–indexed) (see note 4)	$300,000	$300,000
Superannuation Guarantee (SG)
Prescribed minimum employer contribution rate	9.50%	9.50%
Maximum contribution base (per SG quarter)	$54,030	$55,270
Minimum account based pension withdrawal
Under 65 years	4%	4%
65 to less than 75 years	5%	5%
75 to less than 80 years	6%	6%
80 to less than 85 years	7%	7%
85 to less than 90 years	9%	9%
90 to less than 95 years	11%	11%
95 years and over	14%	14%
Maximum pension withdrawal
Transition to retirement	10%	10%
Account based pension	100%	100%
Preservation age table
Date of birth:
Before 1 July 1960	55
1 July 1960 – 30 June 1961	56
1 July 1961 – 30 June 1962	57
1 July 1962 – 30 June 1963	58
1 July 1963 – 30 June 1964	59
1 July 1964 or later	60

Notes:

Superannuation Lump Sum (SLS)
Employment Termination Payment (ETP)
Whole of income cap of $180,000 applies
Eligible persons may bring forward the next 2 years’ non–concessional contributions

Medicare

2018–19 Medicare levy

Medicare levy is 2% of an individual’s taxable income.

2018–19 Medicare levy for families with dependants

No. of dependants	Nil levy payable	Reduced levy shade–in range (10% of excess over nil band)	Normal 2% payable
0	To $37,794	$37,795 – $47,242	$47,243 & above
1	To $41,265	$41,266 – $51,581	$49,872 & above
2	To $44,736	$44,737 – $55,920	$55,921 & above
3	To $48,207	$48,208 – $60,258	$60,259 & above
4	To $51,678	$51,679 – $64,597	$64,598 & above
5	To $55,149	$55,150 – $68,936	$68,937 & above
6	To $58,620 (see note 1)	$58,621 – $73,275 (see note 2)	$73,276 (see note 2) & above

Notes:

For more than 6 dependant children and/or students:

Add $3,471 per child/student
Add $4,339 per child/student

2018-19 Medicare levy surcharge – Income for MLS purposes (see note 1)

Single	Family (see note 2)	Rate
$0 – $90,000	$0 – $180,000	0%
$90,001 – $105,000	$180,001 – $210,000	1%
105,001 – $140,000	$210,001 – $280,000	1.25%
$140,001 and above	$280,001 and above	1.5%

Notes:

Includes taxable income, reportable fringe benefits, reportable super contributions, net investment losses, exempt foreign income and any net amount subject to family trust distribution tax.
Threshold increases by $1,500 for each additional dependent child after the first.

2018–19 Medicare levy reduction threshold

Taxable income	Medicare levy payable
$0 – $22,398	Nil
$22,399 – $27,997	10% of excess over $22,398
$27,998 & above	2% of taxable income

2018–19 Medicare levy threshold: Individuals who qualify for the Senior Australian and Pensioner Tax Offset

Taxable income	Medicare levy payable
$0 – $35,418	Nil
$35,419 – $44,272	10% of excess over $35,419
$44,273 & above	2% of taxable income

2018-19 Medicare levy threshold: Families who qualify for the Senior Australian and Pensioner Tax Offset

Taxable income	Medicare levy payable
$0 – $49,304	Nil
$49,305 – $61,630	10% of excess over $49,305
$61,631 & above	2% of taxable income

Private Health Insurance Rebate - 2018-19

Income thresholds

Status	Base tier	Tier 1	Tier 2	Tier 3
Single	$90,000 or less	$90,001 – $105,000	$105,001 – $140,000	$140,001 or more
Family	$180,000 or less	$180,001 – $210,000	$210,001 – $280,000	$280,001 or more

Rebate for premiums paid 1 July 2018 – 31 March 2019

Age	Base tier	Tier 1	Tier 2	Tier 3
Under 65 yrs	25.415%	16.943%	8.471%	0%
65–69 yrs	29.651%	21.180%	12.707%	0%
70 yrs or over	33.887%	25.415%	16.943%	0%

Rebate for premiums paid 1 April 2019 – 30 June 2019

Age	Base tier	Tier 1	Tier 2	Tier 3
Under 65 yrs	25.059%	16.706%	8.352%	0%
65–69 yrs	29.236%	20.883%	12.529%	0%
70 yrs or over	33.413%	25.059%	16.706%	0%

Note: The family income threshold is increased by $1,500 for each Medicare levy surcharge dependent child after the first child.

HELP compulsory repayments

2018–19 HELP, SSL & TSL compulsory repayments

HELP repayment income (HRI)	Rate (of HRI)
Below $51,957	Nil
$51,957 – $57,729	2%
$57,730 – $64,306	4%
$64,307 – $70,881	4.5%
$70,882 – $74,607	5%
$74,608 – $80,197	5.5%
$80,198 – $86,855	6%
$86,856 – $91,425	6.5%
$91,426 – $100,613	7%
$100,614 – $107,213	7.5%
$107,214 and above	8%

SFSS compulsory repayments

2018–19 SFSS compulsory repayments

Repayment income (RI)	Rate (of RI)
Below $51,957	Nil
$51,957 – $64,306	2%
$64,307 – $91,425	3%
$91,426 and above	4%

STSL compulsory repayments

2019-20 Study & training support loan compulsory repayments

Repayment income (RI)	Rate (of RI)
Below $45,881	Nil
$45,881 – $52,973	1%
$52,974 – $56,151	2%
$56,152 – $59,521	2.5%
$59,522 – $63,092	3%
$63,093 – $66,877	3.5%
$66,878 – $70,890	4%
$70,891 – $75,144	4.5%
$75,145 – $79,652	5%
$79,653 – $84,432	5,5%
$84,433 – $89,498	6%
$89,499 – $94,868	6.5%
$94,869 – $100,560	7%
$100,561 – $106,593	7.5%
$106,594 – $112,989	8%
$112,990 – $119,769	8.5%
$119,770 – $126,955	9%
$126,956 – $134,572	9.5%
$134,573 and over	10%

Foreign currency exchange

See Foreign exchange rates (ATO website)

2018-19

Individual tax rates - Residents

Taxable income	Rate (%)	Tax on this income
$0 – $18,200	0	Nil tax payable
$18,201 – $37,000	19	19c for each $1 over $18,200
$37,001 – $90,000	32.5	$3,572 plus 32.5c for each $1 over $37,000
$90,001 – $180,000	37	$20,797 plus 37c for each $1 over $90,000
$180,001 & above	45	$54,097 plus 45c for each $1 over $180,000

2019–20 tax thresholds (proposed)

Taxable income	Rate (%)	Tax on this income
$0 – $18,200	0	Nil tax payable
$18,201 – $37,000	19	19c for each $1 over $18,200
$37,001 – $90,000	32.5	$3,572 plus 32.5c for each $1 over $37,000
$90,001 – $180,000	37	$20,797 plus 37c for each $1 over $90,000
$180,001 & above	45	$54,097 plus 45c for each $1 over $180,000

Individual tax rates - Non-Residents

2018–19 tax thresholds

Taxable income	Rate (%)	Tax on this income
$0 – $90,000	32.5	32.5c for each $1
$90,001 – $180,000	37	$29,250 plus 37c for each $1 over $90,000
$180,001 & above	45	$62,550 plus 45c for each $1 over $180,000

2018–19 tax thresholds (proposed)

Taxable income	Rate (%)	Tax on this income
$0 – $90,000	32.5	32.5c for each $1
$90,001 – $180,000	37	$29,250 plus 37c for each $1 over $90,000
$180,001 & above	45	$62,550 plus 45c for each $1 over $180,000

Resident minors’ tax rate on eligible income - 2018-19

Taxable income	Tax on this income
Up to $416	Nil
$417 – $1,307	66% for the part over $416
$1,307 & above	45% on the entire amount

Note: LITO not available for certain minor income.

Non–resident minors’ tax rate on eligible income - 2018–19

Taxable income	Tax on this income
Up to $416	32.5% on the entire amount
$417 – $663	$135.20 + 66% on the part over $416
$664 & above	45% on the entire amount

Working holiday maker tax rates - 2018–19

Taxable income	Tax on this income
Up to $37,000	15c for each $1
$37,001 – $90,000	$5,550 plus 32.5c for each $1 over $37,000
$90,001 – $180,000	$22,775 plus 37c for each $1 over $90,000
$180,001 and over	$56,075 plus 45c for each $1 over $180,000

Corporate entity tax rates - 2018–19

Corporate entity tax rates 2018–19	Rate
Private and public companies Corporate unit trusts and public trading trusts	27.5% or 30% (see note 1) 30% or 27.5% (see note 1)
Life Insurance companies: Ordinary class Complying superannuation class	30% 15%
Non–profit companies: First $416 taxable income Taxable income $417 – $915 (see note 2) Taxable income $916 and above (see note 2)	Nil 55% of excess over $416 (see note 2) 30% or 27.5% (see note 2)

Notes:

The tax rate is reduced to 27.5% for companies that are “base rate entities” (BREs) with an aggregated annual turnover of less than $25 million from 1 July 2017.
Company tax rates (ATO website).

Tax offsets for individuals

2018–19 Low and Middle Income Tax Offset

Taxable income	Tax offset
$0 – $37,000	$255
$37,001 – $48,000	$255 + (7.5% of excess over $37,000)
$48,001 – $90,000	$1,080
$90,001 – $126,000	$1,080 – (3% of excess over $90,000)
$126,001 & above	Nil

2018–19 Dependant (Invalid and Carer) Offset

Adjusted taxable income (ATI) is:	Offset amount
$282 or less	$2,717*
$283 – $11,150	$2,717* – [(ATI – $282) ÷ 4]
$11,150 and above	Nil

* This is the maximum offset. Assumes dependant status maintained for full income year.

2018–19 Senior Australian and Pensioners Tax Offset

Family status	Maximum tax offset	Shade–out income threshold	Cut–out income threshold
Single	$2,230	$32,279	$50,119
Married or de facto (each)	$1,602	$28,974	$41,790
Separated due to illness (each)	$2,040	$31,279	$47,599

Note: Offset entitlements reduce by 12.5c for each $1 of rebate income in excess of the shade–out threshold. No entitlement when rebate income reaches the cut–out threshold.

FBT rates and thresholds

FBT and gross–up rates

FBT year	Rate	Type 1	Type 2
2018–19	47%	2.0802	1.8868
2019–20	47%	2.0802	1.8868

Car fringe benefits

Statutory formula method

The statutory fraction is 20%*.

* Applies to “commitments” entered into from May 2011. Previous statutory fractions based on kms travelled may be used for pre–May 2011 commitments.

Taxable value of a fringe benefit of a motor vehicle other than a car (c/km basis)

FBT year ending	0 – 2500cc	Over 2500cc	Motorcycles
31–Mar–19	54c	65c	16c
31-Mar-20	55c	66c	16c

Record keeping exemption

2018–19	$8,552
2019-20	$8,714

FBT – Benchmark interest rate

2018–19	5.20%
2019-20	5.37%

Car parking threshold

2018–19	$8.83
2019-20	$8.95

Div 7A – benchmark interest rate

2018–19

5.20%

Motor vehicles

	2018–19
Luxury car tax limit	$66,331
Fuel efficient luxury car tax limit	$75,526
Car depreciation limit	$57,581
Maximum input tax credit claim for cars	$5,234

Cents per kilometre car rates

For 2017-18, the rate is 66 cents per kilometre regardless of engine size.

For 2018-19, the rate is 68 cents per kilometre regardless of engine size.

Superannuation rates and thresholds

	2018–19	2019-20
SLS (see note 1) low rate cap amount (indexed)	$205,000	$210,000
SLS (see note 1) untaxed plan cap amount (indexed)	$1,480,000	$1,515,000
Life benefit ETP (see note 2) cap (indexed) (see note 3)	$205,000	$210.000
Death benefit ETP (see note 2) cap (indexed) (see note 3)	$205,000	$210,000
Tax–free part of a genuine redundancy payment or early retirement scheme payment (indexed)	$10,399	$10,638
For each completed year of service add	$5,200	$5,320
Government co–contribution (max $500) – from 1 July 2017, total superannuation balance cannot exceed $1.6m
Lower income threshold	$37,697	$38,564
Higher income threshold	$52,697	$53,564
Low income super contribution
Income threshold	$37,000
Contribution caps
Concessional (indexed)	$25,000	$25,000
Concessional (temporary, non–indexed)
Non–concessional
CGT cap (indexed)	$1,480,000	$1,515,000
Non–concessional with bring forward option (non–indexed) (see note 4)	$300,000	$300,000
Superannuation Guarantee (SG)
Prescribed minimum employer contribution rate	9.50%	9.50%
Maximum contribution base (per SG quarter)	$54,030	$55,270
Minimum account based pension withdrawal
Under 65 years	4%	4%
65 to less than 75 years	5%	5%
75 to less than 80 years	6%	6%
80 to less than 85 years	7%	7%
85 to less than 90 years	9%	9%
90 to less than 95 years	11%	11%
95 years and over	14%	14%
Maximum pension withdrawal
Transition to retirement	10%	10%
Account based pension	100%	100%
Preservation age table
Date of birth:
Before 1 July 1960	55
1 July 1960 – 30 June 1961	56
1 July 1961 – 30 June 1962	57
1 July 1962 – 30 June 1963	58
1 July 1963 – 30 June 1964	59
1 July 1964 or later	60

Notes:

Superannuation Lump Sum (SLS)
Employment Termination Payment (ETP)
Whole of income cap of $180,000 applies
Eligible persons may bring forward the next 2 years’ non–concessional contributions

Medicare

2018–19 Medicare levy

Medicare levy is 2% of an individual’s taxable income.

2018–19 Medicare levy for families with dependants

No. of dependants	Nil levy payable	Reduced levy shade–in range (10% of excess over nil band)	Normal 2% payable
0	To $37,794	$37,795 – $47,242	$47,243 & above
1	To $41,265	$41,266 – $51,581	$49,872 & above
2	To $44,736	$44,737 – $55,920	$55,921 & above
3	To $48,207	$48,208 – $60,258	$60,259 & above
4	To $51,678	$51,679 – $64,597	$64,598 & above
5	To $55,149	$55,150 – $68,936	$68,937 & above
6	To $58,620 (see note 1)	$58,621 – $73,275 (see note 2)	$73,276 (see note 2) & above

Notes:

For more than 6 dependant children and/or students:

Add $3,471 per child/student
Add $4,339 per child/student

2018-19 Medicare levy surcharge – Income for MLS purposes (see note 1)

Single	Family (see note 2)	Rate
$0 – $90,000	$0 – $180,000	0%
$90,001 – $105,000	$180,001 – $210,000	1%
105,001 – $140,000	$210,001 – $280,000	1.25%
$140,001 and above	$280,001 and above	1.5%

Notes:

Includes taxable income, reportable fringe benefits, reportable super contributions, net investment losses, exempt foreign income and any net amount subject to family trust distribution tax.
Threshold increases by $1,500 for each additional dependent child after the first.

2018–19 Medicare levy reduction threshold

Taxable income	Medicare levy payable
$0 – $22,398	Nil
$22,399 – $27,997	10% of excess over $22,398
$27,998 & above	2% of taxable income

2018–19 Medicare levy threshold: Individuals who qualify for the Senior Australian and Pensioner Tax Offset

Taxable income	Medicare levy payable
$0 – $35,418	Nil
$35,419 – $44,272	10% of excess over $35,419
$44,273 & above	2% of taxable income

2018-19 Medicare levy threshold: Families who qualify for the Senior Australian and Pensioner Tax Offset

Taxable income	Medicare levy payable
$0 – $49,304	Nil
$49,305 – $61,630	10% of excess over $49,305
$61,631 & above	2% of taxable income

Private Health Insurance Rebate - 2018-19

Income thresholds

Status	Base tier	Tier 1	Tier 2	Tier 3
Single	$90,000 or less	$90,001 – $105,000	$105,001 – $140,000	$140,001 or more
Family	$180,000 or less	$180,001 – $210,000	$210,001 – $280,000	$280,001 or more

Rebate for premiums paid 1 July 2018 – 31 March 2019

Age	Base tier	Tier 1	Tier 2	Tier 3
Under 65 yrs	25.415%	16.943%	8.471%	0%
65–69 yrs	29.651%	21.180%	12.707%	0%
70 yrs or over	33.887%	25.415%	16.943%	0%

Rebate for premiums paid 1 April 2019 – 30 June 2019

Age	Base tier	Tier 1	Tier 2	Tier 3
Under 65 yrs	25.059%	16.706%	8.352%	0%
65–69 yrs	29.236%	20.883%	12.529%	0%
70 yrs or over	33.413%	25.059%	16.706%	0%

Note: The family income threshold is increased by $1,500 for each Medicare levy surcharge dependent child after the first child.

HELP compulsory repayments

2018–19 HELP, SSL & TSL compulsory repayments

HELP repayment income (HRI)	Rate (of HRI)
Below $51,957	Nil
$51,957 – $57,729	2%
$57,730 – $64,306	4%
$64,307 – $70,881	4.5%
$70,882 – $74,607	5%
$74,608 – $80,197	5.5%
$80,198 – $86,855	6%
$86,856 – $91,425	6.5%
$91,426 – $100,613	7%
$100,614 – $107,213	7.5%
$107,214 and above	8%

SFSS compulsory repayments

2018–19 SFSS compulsory repayments

Repayment income (RI)	Rate (of RI)
Below $51,957	Nil
$51,957 – $64,306	2%
$64,307 – $91,425	3%
$91,426 and above	4%

STSL compulsory repayments

2019-20 Study & training support loan compulsory repayments

Repayment income (RI)	Rate (of RI)
Below $45,881	Nil
$45,881 – $52,973	1%
$52,974 – $56,151	2%
$56,152 – $59,521	2.5%
$59,522 – $63,092	3%
$63,093 – $66,877	3.5%
$66,878 – $70,890	4%
$70,891 – $75,144	4.5%
$75,145 – $79,652	5%
$79,653 – $84,432	5,5%
$84,433 – $89,498	6%
$89,499 – $94,868	6.5%
$94,869 – $100,560	7%
$100,561 – $106,593	7.5%
$106,594 – $112,989	8%
$112,990 – $119,769	8.5%
$119,770 – $126,955	9%
$126,956 – $134,572	9.5%
$134,573 and over	10%

Foreign currency exchange

See Foreign exchange rates (ATO website)

2020-21

2020–21 tax thresholds

2021–22 tax thresholds

2020–21 tax thresholds

2021–22 tax thresholds

2020–21 Low Income Tax Offset

2020–21 Low and Middle Income Tax Offset

2020–21 Dependant (Invalid and Carer) Offset

2020–21 Senior Australian and Pensioners Tax Offset

FBT and gross–up rates

Car fringe benefits

Taxable value of a fringe benefit of a motor vehicle other than a car (c/km basis)

Record keeping exemption

FBT – Benchmark interest rate

Car parking threshold

2020–21 Medicare levy

2021–22 Medicare levy for families with dependants

2020–21 Medicare levy surcharge – Income for MLS purposes (see note 1)

2020–21 Medicare levy reduction threshold

2020–21 Medicare levy threshold: Individuals who qualify for the Senior Australian and Pensioner Tax Offset

2020–21 Medicare levy threshold: Families who qualify for the Senior Australian and Pensioner Tax Offset

Income thresholds

Rebate for premiums paid 1 July 2020 – 31 March 2021

Rebate for premiums paid 1 April 2021 – 30 June 2022

2021–22 Study & training support loan compulsory repayments

2019-20

2019–20 tax thresholds (proposed)

2018–19 tax thresholds

2018–19 tax thresholds (proposed)

2018–19 Low and Middle Income Tax Offset

2018–19 Dependant (Invalid and Carer) Offset

2018–19 Senior Australian and Pensioners Tax Offset

FBT and gross–up rates

Car fringe benefits

Taxable value of a fringe benefit of a motor vehicle other than a car (c/km basis)

Record keeping exemption

FBT – Benchmark interest rate

Car parking threshold

2018–19 Medicare levy

2018–19 Medicare levy for families with dependants

2018-19 Medicare levy surcharge – Income for MLS purposes (see note 1)

2018–19 Medicare levy reduction threshold

2018–19 Medicare levy threshold: Individuals who qualify for the Senior Australian and Pensioner Tax Offset

2018-19 Medicare levy threshold: Families who qualify for the Senior Australian and Pensioner Tax Offset

Income thresholds

Rebate for premiums paid 1 July 2018 – 31 March 2019

Rebate for premiums paid 1 April 2019 – 30 June 2019

2018–19 HELP, SSL & TSL compulsory repayments

2018–19 SFSS compulsory repayments

2019-20 Study & training support loan compulsory repayments

2018-19

2019–20 tax thresholds (proposed)

2018–19 tax thresholds

2018–19 tax thresholds (proposed)

2018–19 Low and Middle Income Tax Offset

2018–19 Dependant (Invalid and Carer) Offset

2018–19 Senior Australian and Pensioners Tax Offset

FBT and gross–up rates

Car fringe benefits

Taxable value of a fringe benefit of a motor vehicle other than a car (c/km basis)

Record keeping exemption

FBT – Benchmark interest rate

Car parking threshold

2018–19 Medicare levy

2018–19 Medicare levy for families with dependants

2018-19 Medicare levy surcharge – Income for MLS purposes (see note 1)

2018–19 Medicare levy reduction threshold

2018–19 Medicare levy threshold: Individuals who qualify for the Senior Australian and Pensioner Tax Offset

2018-19 Medicare levy threshold: Families who qualify for the Senior Australian and Pensioner Tax Offset

Income thresholds

Rebate for premiums paid 1 July 2018 – 31 March 2019

Rebate for premiums paid 1 April 2019 – 30 June 2019

2018–19 HELP, SSL & TSL compulsory repayments

2018–19 SFSS compulsory repayments

2019-20 Study & training support loan compulsory repayments

Categories

Newsletter