WORKING TOGETHER FOR PROFIT




Individual tax cuts

23-Dec-2014

Individual tax cuts

For the 2017 and 2018 tax years the top marginal rate will drop to 45% (with removal of 2% budget deficit levy) for income over $180,000
 and the marginal rate of 37% will apply for income over $87,000.

The Medicare levy will increase to 2.5% from July 2019.
 

HELP debt – increased repayments rates & lower threshold limits from July 2018

For the 2018 tax year, the minimum repayment threshold is $55,874 at a tax rate of 4%.
A new minimum repayment threshold of $42,000 at a rate of 1% will apply from July 2018.

Backpackers and working travellers tax rates

From January 2017, special tax rates will apply resulting in a flat rate of 15% for income up to $37,000 and then marginal tax rates apply over this amount.


 If you have question, please feel free to contact us.




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