tax time

Do you know our tax rate has changed?

Most of us will have to pay 32.5% of tax from next year! Even though the taxable income has lift from $6000 to $18200 but you will be paying 19% instead of 15% every $1 after $18,200 and if you earn between $37k to $80k you'll be paying 32.5% If you're good enough to earn more than $80k a year than the tax rate hasn't changed.


The following rates for 2012-13 apply from 1 July 2012.

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% (see Guide to Medicare levy for more information).