Australian Tax Rates 2012-2013
The Australian adjusted basic tax rates 2012-2013 will be as follows:
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 are taken from the Australian Tax Office website. You can visit and see the original here.
Tax Rates 2012-2013 Winners
Many young people and part-time workers will benefit from the increase in the threshold with more money in their pocket. This increased cash-flow should be a stimulus for retail sales and other consumer spending.
Unfortunately, the education rebate has been replaced, meaning a lot of kids are not getting an ipad this year.
The above figures do not include Medicare Levy, Medicare Levy Surcharge or any Low Income Tax Offset effect.
Medicare Levy and Medicare Surcharge are applied on an incemental basis, but you may qualify for a reduction or exemption depending on your circumstance. The tax office info is here.
The Low Income Tax Offset (REBATE) maximum is now $445 for 2012-2013, reducing by 1.5 cents in the dollar, for every dollar of income over $37,000 such that it cuts out at $66,667. The effect is that no tax is payable up to an income of $20,542. More here.