Please note that different tables apply depending upon whether you are considered a resident for tax purposes.
The tables below relate to the financial year ending 30 June 2008.
Resident Individuals
The following table of rates apply to resident individual tax payers for the 2007-08 financial year.
|
Taxable Income $
|
Tax Payable
|
| 0 – 6,000 | Nil |
| 6,001 – 30,000 | 15% of excess over $6,000 |
| 30,001 – 75,000 | $3,600 plus 30% of excess over $30,000 |
| 75,001 – 150,000 | $17,100 plus 40% of excess over $75,000 |
| 150,001+ | $47,100 plus 45% of excess over $150,000 |
* Please note that the above table does not include the Medicare Levy of 1.5%.
** The tax-free threshold may be higher for people eligible for the low income tax offset, the Senior
Australians Tax Offset and/or other rebates.
Non-resident Individuals
The following rates apply to individuals who are not residents of Australia for tax purposes for the entire income year:
|
Taxable Income $
|
Tax Payable
|
| 0 – 30,000 | 29% of the entire amount |
| 30,001 – 75,000 | $8,700 plus 30% of excess over $30,000 |
| 75,001 – 150,000 | $22,200 plus 40% of excess over $75,000 |
| 150,001+ | $52,200 plus 45% of excess over $150,000 |
* Medicare levy is not payable by non-residents.
You can find rates for earlier years (way back to 1999-2000) from our main site Personal Income Tax Rates – earlier years.
Article by Christie Lewis
Christie is Practice Manager at Alan Lewis Accountants . Besides accounting, her passion is for all things small business (and blogging, of course). You can contact Christie directly at christie@lewistaxation.com.au.
Christie has written 799 awesome articles for us at Alan Lewis Accountants – BLOG
Twitter: @christielewis
