Individual Tax Rates 2016
Author: Duncan Warnock CPA | December, 2015
Tax rates 2015–16
These rates apply to individuals who are Australian residents for tax purposes for the financial year ending June 30,2016
| 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 2%
Temporary Budget Repair Levy; this levy is payable at a rate of 2% for taxable incomes over $180,000
NOTE: The 2015 Budget announced a 5% Income Tax Offset for unincorporated business such as a Sole Trader. From July 1 2015, individual taxpayers with business income from an unincorporated business that has an aggregated annual turnover of less than $2 million will be eligible for this small business tax discount. This discount will be capped at $1,000 per individual for each income year, and delivered as a tax offset through their end-of-year tax return.
