New personal tax rates 2012/13

New personal tax rates 2012/13

From 1 July 2012, personal tax rates are to be adjusted by:

  • Raising the tax-free threshold from $6,000 to $18,200;
  • Lifting the first two marginal tax rates from 15% to 19% and from 30% to 32.5%; and
  • Reducing the low-income tax offset from $1,500 to $445.


Tax rates for 2012/13

 

2012/13
Taxable income Tax Payable
0 – $18,200 Nil
$18,201 – $37,000 19% of excess over $18,200
$37,001 – $80,000 $3,572 + 32.5% of excess over $37,000
$80,001 – $180,000 $17,547 + 37% of excess over $80,000
$180,001 and over $54,547 + 45% of excess over $180,000