As an individual you must pay tax to the Government in proportion to your earnings for the financial year period. In addition to the marginal tax income rates that are used to calculate the base amount of tax payable, taxpayers may be eligible to claim deductions or rebates that may further reduce the amount of tax payable.

The following rates for 2012-13 apply from 1 July 2012.

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 1.5%.

Here at The Quinn Group our experienced team of tax agents, accountants and tax lawyers can assist you with all of your individual tax requirements. For more information on the 2012 Tax Rebates, or on the new taxation rates, please submit on online enquiry or call us on 1300 QUINNS (784 667) or +61 2 9223 9166 to book an appointment.

Enquire today and we will get back to you next business day.