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).
