This page is regularly updated with the latest income tax rates and tax thresholds. Most recent update is 26 January 2012.
If you’re searching for the latest superannuation caps, rates and thresholds then go to: Super rates and thresholds for the 2011/2012 year.
Superannuation is a concessionally taxed investment vehicle, which means the rate of tax that you pay on your personal income generally influences any decision that you make regarding your superannuation savings.
Although SuperGuide is not strictly a tax information site, for your convenience we have included the latest
Note: The primary source for taxpayers on any information relating to tax rates is the Australian Taxation Office website (www.ato.gov.au). SuperGuide doesn’t answer questions specifically on the income tax rates.
For the 2011/2012 year, you can expect a tax-free threshold on the first $6000 of your income, and you can earn up to $16,000 (for the 2011/2012 year) without paying income tax when taking into account the
From the 2012/2013 year, the tax-free threshold jumps to the first $18,200 of your income. You will be able to earn up to $20,542 (from the 2012/2013 year) before any income tax is payable, when taking into account LITO. From the 2012/2013 year, your top tax rate can be expected to be 0%, 19%, 32.5%, 37% or 45% (plus Medicare levy).
Note: If you’re Age Pension age or older, you may be eligible for a higher tax-free threshold by taking advantage of the Senior Australians Tax Offset (SATO). Refer to other SuperGuide articles for more information on SATO.
Income tax rates for 2011/2012 financial year
| Income tax rates for 2011/2012 financial year | ||
| Income | Marginal tax rate | Tax payable |
| $0-$6,000 | 0% | Nil |
| $6,001- $37,000 | 15% | 15 cents for each $1 over $6,000 |
| $37,001-$80,000 | 30% | $4,650 plus 30 cents for each dollar over $37,000 |
| $80,001-$180,000 | 37% | $17,550 plus 37 cents for each dollar over $80,000 |
| $180,001 and above | 45% | $54,550 plus 45 cents for each dollar over $180,000 |
Source: Adapted from information on the ATO website (www.ato.gov.au). Maximum LITO payable is $1500 up to taxable income of $16,000.
Note: For the 2011/2012 year only, if your taxable income is more than $50,000 then your income will also be subject to a flood levy. The flood levy is set out in the table below.
| Taxable income | Flood levy (for 2011/2012 year) on this income |
| $0 to $50,000 | Nil |
| $50,001 to $100,000 | Half a cent for each $1 over $50,000 |
| Over $100,000 | $250 plus 1c for each $1 over $100,000 |
Table source: ATO (www.ato.gov.au)
Income tax rates for individuals for 2010/2011 year and previous years
| Income tax rates for 2010/2011 financial year | ||
| Income | Marginal tax rate | Tax payable |
| $0-$6,000 | 0% | Nil |
| $6,001- $37,000 | 15% | 15 cents for each $1 over $6,000 |
| $37,001-$80,000 | 30% | $4,650 plus 30 cents for each dollar over $37,000 |
| $80,001-$180,000 | 37% | $17,550 plus 37 cents for each dollar over $80,000 |
| $180,001 and above | 45% | $54,550 plus 45 cents for each dollar over $180,000 |
Source: Adapted from information on the ATO website (www.ato.gov.au)
| Income tax rates for 2009/2010 financial year | ||
| Income | Marginal tax rate | Tax payable |
| $0-$6,000 | 0% | Nil |
| $6,001- $35,000 | 15% | 15 cents for each $1 over $6,000 |
| $35,001-$80,000 | 30% | $4,350 plus 30 cents for each dollar over $35,000 |
| $80,001-$180,000 | 38% | $17,850 plus 38 cents for each dollar over $80,000 |
| $180,001 and above | 45% | $55,850 plus 45 cents for each dollar over $180,000 |
Source: Adapted from information on the ATO website (www.ato.gov.au)
| Income tax rates for 2008/2009 financial year | ||
| Income | Marginal tax rate | Tax payable |
| $0-$6,000 | 0% | Nil |
| $6,001- $34,000 | 15% | 15 cents for each $1 over $6,000 |
| $34,001-$80,000 | 30% | $4,200 plus 30 cents for each dollar over $34,000 |
| $80,001-$180,000 | 40% | $18,000 plus 38 cents for each dollar over $80,000 |
| $180,001 and above | 45% | $58,000 plus 45 cents for each dollar over $180,000 |
Source: Adapted from information on the ATO website (www.ato.gov.au)
Thank you for very clearly explained information especially re non-tax-deductibility of super contributions for 75+ years of age and also the tax rates and LITO for 2011/2012.
Hi Norm
Many thanks for your kind feedback
Regards
Trish