Individual income tax rates
Tax rates 2023-24
The following rates for 2023–24 apply from 1 July 2023.
These rates do not include:
- The Medicare Levy of 2%
| 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 2024–25
The following rates for 2024–25 apply from 1 July 2024.
The rates do not include:
- The Medicare Levy of 2%
| Taxable income | Tax on this income |
|---|---|
| 0 – $18,200 | Nil |
| $18,201 – $45,000 | 16c for each $1 over $18,200 |
| $45,001 – $135,000 | $4,288 plus 30c for each $1 over $45,000 |
| $135,001 – $190,000 | $31,288 plus 37c for each $1 over $135,000 |
| $190,001 and over | $51,638 plus 45c for each $1 over $190,000 |
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 |
|---|---|---|---|
| 2024-25 | All ages | $30,000 | Included as taxable income, taxed at marginal tax rate not liable to pay the excess concessional contributions charge. |
| 2023-24 | All ages | $27,500 | Included as taxable income, taxed at marginal tax rate not liable to pay the excess concessional contributions charge. |
| 2022-23 | All ages | $27,500 | Included as taxable income, taxed at marginal tax rate not liable to pay the 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 |
|---|---|
| 2024-25 | $120,000 *conditions apply |
| 2023-24 | $110,000 *conditions apply |
| 2022–23 | $110,000 *conditions apply |