Treasury Laws Amendment (Personal Income Tax Plan) Act 2018 (47 of 2018)
Schedule 2 Personal income tax reform
Part 1 Main amendments
Income Tax Rates Act 1986
2 Clause 1 of Part I of Schedule 7 (table)
Repeal the table, substitute:
|
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Note: The above table will be repealed on 1 July 2024 by the Treasury Laws Amendment (Personal Income Tax Plan) Act 2018.
|
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Note: The above table will be repealed on 1 July 2026 by the Treasury Laws Amendment (Personal Income Tax Plan) Act 2018.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% |