The tax rates Australians will be paying for the 2013 financial year differ slightly from previous years. The tax-free threshold has more than doubled, and rates for those above the threshold have also changed. It is important that you are aware of these changes when submitting your tax return in the coming months, so you know what to expect and can maximise the deductions in your return.
The following rates for 2012-13 applied 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%.
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.
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 2013 taxation rates, or any other individual tax related enquiry, please submit an online enquiry at www.quinns.com.au or call +61 2 9223 9166 to book an appointment.