Individual income tax rates
Tax rates 2020-21
The following rates for 2020–21 apply from 1 July 2020.
These rates do not include:
- The Medicare Levy of 2%
- The Medicare Levy surcharge for persons without private health insurance
| Taxable income | Tax on this income |
|---|---|
| 0 – $18,200 | $nil |
| $18,201 – $45,000 | 19c for each $1 over $18,200 |
| $45,001 – $120,000 | $5,092 plus 32.5c for each $1 over $45,000 |
| $120,001 – $180,000 | $29,467 plus 37c for each $1 over $120,000 |
| $180,001 and over | $51,667 plus 45c for each $1 over $180,000 |
Tax rates 2019–20
The following rates for 2019–20 apply from 1 July 2019.
The rates do not include:
- The Medicare Levy of 2%
- The Medicare Levy surcharge for persons without private health insurance
| Taxable income | Tax on this income |
|---|---|
| 0 – $18,200 | Nil |
| $18,201 – $37,000 | 19c for each $1 over $18,200 |
| $37,001 – $90,000 | $3,572 plus 32.5c for each $1 over $37,000 |
| $90,001 – $180,000 | $20,797 plus 37c for each $1 over $90,000 |
| $180,001 and over | $54,097 plus 45c for each $1 over $180,000 |
Future Year Company Tax Rates
The company tax rate will reduce for companies with a turnover less than $50 million to 25% by the 2026–27 income year.
| Income year | Turnover threshold | Company tax rate for entities under the threshold | Company tax rate for entities over the threshold |
|---|---|---|---|
| 2016–17 | $10m | 27.5% | 30.0% |
| 2017–18 | $25m | 27.5% | 30.0% |
| 2018–19 to 2023–24 | $50m | 27.5% | 30.0% |
| 2024–25 | $50m | 27.0% | 30.0% |
| 2025–26 | $50m | 26.0% | 30.0% |
| 2026–27 | $50m | 25.0% | 30.0% |
Superannuation contribution levels
Concessional contributions cap
Concessional contributions include:
- employer contributions (including contributions made under a salary sacrifice arrangement)
- personal contributions claimed as a tax deduction
If you have more than one fund, all concessional contributions made to all of your funds are added together and counted towards the concessional contributions cap.
| Income year | Your age | Your concessional contribution cap | Treatment of excess concessional contributions |
|---|---|---|---|
| 2019-20 | All ages | $25,000 | Included as taxable income, taxed at marginal tax rate plus an excess concessional contributions charge |
| 2018-19 | All ages | $25,000 | Included as taxable income, taxed at marginal tax rate plus an excess concessional contributions charge |
| 2017–18 | All ages | $25,000 | Included as taxable income, taxed at marginal tax rate plus an excess concessional contributions charge |
| 2016–17 | <49 on 30 June 2016 | $30,000 | Included as taxable income, taxed at marginal tax rate plus an excess concessional contributions charge |
| 2016–17 | 49+ on 30 June 2016 | $35,000 | Included as taxable income, taxed at marginal tax rate plus an excess concessional contributions charge |
Non-concessional contributions cap
Non-concessional contributions include personal contributions for which you do not claim an income tax deduction.
If you have more than one fund, all non-concessional contributions made to all of your funds are added together and counted towards the non-concessional contributions cap.
| Income year | Amount of cap |
|---|---|
| 2019-20 | $100,000 *conditions apply |
| 2018-19 | $100,000 *conditions apply |
| 2017–18 | $100,000 *conditions apply |
| 2016–17 | $180,000 |