Income Tax Rates Act 1986
Schedules
SCHEDULE 7 - GENERAL RATES OF TAXSubsection 12(1)
View history note
Hide history noteSch 7 heading amended by No 70 of 1989.
Subject to clauses 2, 3 and 4, the rates of tax on the taxable income of a resident taxpayer are as follows: (a) 45% for the superannuation remainder (if any) of the taxable income; (aa) 45% for the employment termination remainder (if any) of the taxable income; (b) for each part of the ordinary taxable income specified in the table applicable to the year of income - the rate applicable under that table.
| Tax rates for resident taxpayers for the 2024-25 year of income or a later year of income | ||
| Item | For the part of the ordinary taxable income of the taxpayer that: | The rate is: |
| 1 | exceeds the tax-free threshold but does not exceed $45,000 | 16% |
| 2 | exceeds $45,000 but does not exceed $135,000 | 30% |
| 3 | exceeds $135,000 but does not exceed $190,000 | 37% |
| 4 | exceeds $190,000 | 45% |
Part I cl 1 amended by No 92 of 2020, s 3 and Sch 1 item 13, by repealing table dealing with tax rates for resident taxpayers for the 2020-21, 2021-22, 2022-23 or 2023-24 year of income (including the note), effective 1 July 2024. No 92 of 2020, s 3 and Sch 1 item 16 contains the following application provision:
16 Repealed law continues for relevant years of income
16
Despite the repeal of a table by this Part, that table continues to apply, in relation to assessments for a year of income mentioned in the table
'
s heading, as if that repeal had not happened.
The table dealing with tax rates for resident taxpayers for the 2020-21, 2021-22, 2022-23 or 2023-24 year of income (including the note) formerly read:
Tax rates for resident taxpayers for the 2020-21, 2021-22, 2022-23 or 2023-24 year of income Item For the part of the ordinary taxable income of the taxpayer that: The rate is: 1 exceeds the tax-free threshold but does not exceed $45,000 19% 2 exceeds $45,000 but does not exceed $120,000 32.5% 3 exceeds $120,000 but does not exceed $180,000 37% 4 exceeds $180,000 45% Note:
The above table will be repealed on 1 July 2024 by the Treasury Laws Amendment (A Tax Plan for the COVID-19 Economic Recovery) Act 2020 .
Part I cl 1 amended by No 3 of 2024, s 3 and Sch 1 item 2, by substituting table dealing with tax rates for resident taxpayers for the 2024-25 year of income or a later year of income, effective 1 April 2024. The table dealing with tax rates for resident taxpayers for the 2024-25 year of income or a later year of income formerly read:
Tax rates for resident taxpayers for the 2024-25 year of income or a later year of income Item For the part of the ordinary taxable income of the taxpayer that: The rate is: 1 exceeds the tax-free threshold but does not exceed $45,000 19% 2 exceeds $45,000 but does not exceed $200,000 30% 3 exceeds $200,000 45%
Part I cl 1 amended by No 92 of 2020, s 3 and Sch 1 items 3 and 4, by substituting " Tax rates for resident taxpayers for the 2020-21, 2021-22, 2022-23 or 2023-24 year of income " for " Tax rates for resident taxpayers for the 2022-23 or 2023-24 year of income " and the note in table dealing with " tax rates for resident taxpayers for the 2022-23 or 2023-24 year of income " , effective 15 October 2020. The note formerly read:
Note:
The above table will be repealed on 1 July 2026 by the Treasury Laws Amendment (Personal Income Tax Plan) Act 2018 .
Part I cl 1 amended by No 92 of 2020, s 3 and Sch 1 item 1, by repealing the table dealing with
"
tax rates for resident taxpayers for the 2018-19, 2019-20, 2020-21 or 2021-22 year of income
"
(including the note), effective 15 October 2020. No 92 of 2020, s 3 and Sch 1 item 2 contains the following application provision:
2 Repealed law continues for relevant years of income
2
Despite the repeal by item 1 of the table mentioned in that item, that table continues to apply, in relation to assessments for the 2018-19 or 2019-20 year of income, as if that repeal had not happened.
The table dealing with " tax rates for resident taxpayers for the 2018-19, 2019-20, 2020-21 or 2021-22 year of income " (including the note) formerly read:
Tax rates for resident taxpayers for the 2018-19, 2019-20, 2020-21 or 2021-22 year of income Item For the part of the ordinary taxable income of the taxpayer that: The rate is: 1 exceeds the tax-free threshold but does not exceed $37,000 19% 2 exceeds $37,000 but does not exceed $90,000 32.5% 3 exceeds $90,000 but does not exceed $180,000 37% 4 exceeds $180,000 45% Note:
The above table will be repealed on 1 July 2024 by the Treasury Laws Amendment (Personal Income Tax Plan) Act 2018 .
Part I cl 1 amended by No 52 of 2019, s 3 and Sch 2 items 1 and 2, by substituting table dealing with " tax rates for resident taxpayers for the 2022-23 or 2023-24 year of income " including the note and table dealing with " tax rates for resident taxpayers for the 2024-25 year of income or a later year of income " , effective 6 July 2019. The tables formerly read:
Tax rates for resident taxpayers for the 2022-23 or 2023-24 year of income Item For the part of the ordinary taxable income of the taxpayer that: The rate is: 1 exceeds the tax-free threshold but does not exceed $41,000 19% 2 exceeds $41,000 but does not exceed $120,000 32.5% 3 exceeds $120,000 but does not exceed $180,000 37% 4 exceeds $180,000 45% Note:
The above table will be repealed on 1 July 2026 by the Treasury Laws Amendment (Personal Income Tax Plan) Act 2018 .
Tax rates for resident taxpayers for the 2024-25 year of income or a later year of income Item For the part of the ordinary taxable income of the taxpayer that: The rate is: 1 exceeds the tax-free threshold but does not exceed $41,000 19% 2 exceeds $41,000 but does not exceed $200,000 32.5% 3 exceeds $200,000 45%
Part I cl 1 amended by No 47 of 2018, s 3 and Sch 2 items 1 and 2, by substituting para (b) and the table, effective 1 July 2018. Para (b) and the table formerly read:
(b) for each part of the ordinary taxable income specified in the table - the rate applicable under the table.
Tax rates for resident taxpayers Item For the part of the ordinary taxable income of the taxpayer that: The rate is: 1 exceeds the tax-free threshold but does not exceed $37,000 19% 2 exceeds $37,000 but does not exceed $87,000 32.5% 3 exceeds $87,000 but does not exceed $180,000 37% 4 exceeds $180,000 45%
Part I cl 1 amended by No 92 of 2016, s 3 and Sch 1 item 3, by substituting " , 3 and 4 " for " and 3 " , applicable in relation to:
Part I cl 1 amended by No 68 of 2016, s 3 and Sch 1 items 1 and 2, by substituting " $87,000 " for " $80,000 " in table items 2 and 3, column headed " For the part of the ordinary taxable income of the taxpayer that: " , applicable to the 2016-17 year of income and later years of income.
Part I cl 1 was to be amended by No 150 of 2011, s 3 and Sch 1 item 8, by substituting table item 2 to increase the marginal tax rate from 32.5% to 33%, applicable to the 2015-16 year of income and later years of income. This amendment was repealed by Sch 1 item 2 of Labor 2013-14 Budget Savings (Measures No 1) Act 2015 (No 72 of 2015) so that the marginal tax rate remains at 32.5% for the 2015-16 year of income and later years of income.
Part I cl 1 amended by No 150 of 2011, s 3 and Sch 1 item 3, by substituting table items 1 and 2, applicable to the 2012-13 year of income and later years of income. Table items 1 and 2 formerly read:
1 exceeds $6,000 but does not exceed $37,000 15% 2 exceeds $37,000 but does not exceed $80,000 30%
Part I cl 1 amended by No 29 of 2008, s 3 and Sch 1 item 23, by substituting the table, applicable to assessments for the 2010-11 year of income and later years of income. The table formerly read:
Tax rates for resident taxpayers Item For the part of the ordinary taxable income of the taxpayer that: The rate is: 1 exceeds $6,000 but does not exceed $35,000 15% 2 exceeds $35,000 but does not exceed $80,000 30% 3 exceeds $80,000 but does not exceed $180,000 38% 4 exceeds $180,000 45%
Part I cl 1 amended by No 29 of 2008 , s 3 and Sch 1 item 13, by substituting the table, applicable to assessments for the 2009-10 year of income. The table formerly read:
Tax rates for resident taxpayers Item For the part of the ordinary taxable income of the taxpayer that: The rate is: 1 exceeds $6,000 but does not exceed $34,000 15% 2 exceeds $34,000 but does not exceed $80,000 30% 3 exceeds $80,000 but does not exceed $180,000 40% 4 exceeds $180,000 45%
Part I cl 1 amended by No 29 of 2008 , s 3 and Sch 1 item 3, by substituting the table, applicable to assessments for the 2008-09 year of income. The table formerly read:
Tax rates for resident taxpayers Item For the part of the ordinary taxable income of the taxpayer that: The rate is: 1 exceeds $6,000 but does not exceed $37,000 15% 2 exceeds $37,000 but does not exceed $80,000 30% 3 exceeds $80,000 but does not exceed $180,000 37% 4 exceeds $180,000 45%
Part I cl 1 amended by No 76 of 2007, s 3 and Sch 1 items 12 and 13, by substituting " $80,000 " for " $75,000 " in table items 2 and 3 and substituting " $180,000 " for " $150,000 " in table items 3 and 4, applicable to assessments for the 2008-09 year of income and later years of income.
Part I cl 1 amended by No 76 of 2007, s 3 and Sch 1 item 4, by substituting " 30,000 " for " $25,000 " in table items 1 and 2, applicable to assessments for the 2007-08 year of income and later years of income.
Part I cl 1 amended by No 19 of 2007, s 3 and Sch 1 item 33, by substituting paras (a) and (aa), applicable to the 2007-2008 income year and later years. The paras formerly read:
(a) 38% for the amount (if any) of the EC part of the taxable income that does not exceed the difference between:
(i) the amount that would have been the taxed element of the retained amount of the post-June 83 component of the ETP if the amount of the excessive component of the ETP had been nil; andworked out disregarding section 27AAA of the Assessment Act;
(ii) the taxed element of the retained amount of the post-June 83 component of the ETP;
(aa) 45% for the remainder (if any) of the EC part of the taxable income;
Part I cl 1 amended by No 55 of 2006 , s 3 and Sch 1 item 1 and 20, by substituting the table and substituting " 45% " for 47% " in para 1(aa), applicable to assessments for the 2006-2007 year of income and later years of income. The table formerly read:
| Tax rates for resident taxpayers | |||
| Item | For the part of the ordinary taxable income of the taxpayer that: | The rate is: | |
| 1 | exceeds $6,000 but does not exceed $21,600 | 15% | |
| 2 | (a) | for the 2005-06 year of income - exceeds $21,600 but does not exceed $63,000; and | 30% |
| (b) | for later years of income - exceeds $21,600 but does not exceed $70,000 | ||
| 3 | (a) | for the 2005-06 year of income - exceeds $63,000 but does not exceed $95,000; and | 42% |
| (b) | for later years of income - exceeds $70,000 but does not exceed $125,000 | ||
| 4 | (a) | for the 2005-06 year of income - exceeds $95,000; and | 47% |
| (b) | for later years of income - exceeds $125,000 |
Part 1 cl 1 amended by No 58 of 2006 , s 3 and Sch 7 item 116, by substituting para (b), effective 22 June 2006. Para (b) formerly read:
(b) for each part of the ordinary taxable income specified in column 1 of the following table - the corresponding rate set out in column 2 of the table:
Part I cl 1 table substituted by No 101 of 2005, s 3 and Sch 1 item 1, applicable to assessments for the 2005-2006 year of income and later years of income. The table formerly read:
| " Tax rates for resident taxpayers | |||
| Item | For the part of the ordinary taxable income of the taxpayer that: | The rate is: | |
| 1 | exceeds $6,000 but does not exceed $21,600 | 17% | |
| 2 | (a) | for the 2004-05 year of income - exceeds $21,600 but does not exceed $58,000; and | 30% |
| (b) | for later years of income - exceeds $21,600 but does not exceed $63,000 | ||
| 3 | (a) | for the 2004-05 year of income - exceeds $58,000 but does not exceed $70,000; and | 42% |
| (b) | for later years of income - exceeds $63,000 but does not exceed $80,000 | ||
| 4 | (a) | for the 2004-05 year of income - exceeds $70,000; and | 47% " |
| (b) | for later years of income - exceeds $80,000 |
Part I cl 1 table substituted by No 67 of 2004, No 45 of 2003, amended by No 69 of 1999, substituted by No 58 of 1993, No 87 of 1990 and amended by No 48 of 1991.
Part I cl 1 amended by No 142 of 2003.
Part I amended by No 7 of 1993.
Former Part I table substituted by No 70 of 1989.
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