Income Tax rates post-Carbon Tax

Tax Law: 22 March 2019

Individual Tax rates on taxable income between $18,201 and $80,000 are to increase as a result of tax changes following introduction of the Carbon Tax.

Rates and tax payable: 2011-12 (ie current rates)
Taxable income ($)	Tax payable ($)
0 - 6,000	Nil
6,001 - 37,000	Nil + 15% of excess over 6,000
37,001 - 80,000	4,650 + 30% of excess over 37,000
80,001 - 180,000	17,550 + 37% of excess over 80,000
180,001 +	54,550 + 45% of excess over 180,000
Notes: 1. The above rates exclude the 1.5% Medicare levy and the flood levy. 2. The low income tax offset is a maximum of $1,500. 3. The effective tax-free threshold is $16,000.

Proposed rates and tax payable: 2012-13, 2013-14 and 2014-15
Taxable income ($)	Tax payable ($)
0 - 18,200	Nil
18,201 - 37,000	Nil + 19% of excess over 18,200
37,001 - 80,000	3,572 + 32.5% of excess over 37,000
80,001 - 180,000	17,547 + 37% of excess over 80,000
180,001 +	54,547 + 45% of excess over 180,000
Notes: 1. The above rates exclude the 1.5% Medicare levy. 2. The low income tax offset is a maximum of $445. 3. The effective tax-free threshold is $20,542.

Proposed rates and tax payable: 2015-16 and following years
Taxable income ($)	Tax payable ($)
0 - 19,400	Nil
19,401 - 37,000	Nil + 19% of excess over 19,400
37,001 - 80,000	3,344 + 33% of excess over 37,000
80,001 - 180,000	17,534 + 37% of excess over 80,000
180,001 +	54,534 + 45% of excess over 180,000
Notes: 1. The above rates exclude the 1.5% Medicare levy. 2. The low income tax offset is a maximum of $300. 3. The effective tax-free threshold is $20,979.

Aitken Partners is hosting a forum on the Carbon Tax and its implications on business on Wednesday 13 July, for further information please email aclarke@aitken.com.au.