Federal Budget 2017-18 | Personal Income Tax

By admin - May 9, 2017

There are no changes to personal income tax rates proposed in the Budget.

This means that the 2% Temporary Budget Repair Levy will end on 30 June 2017. The following individual income tax rates for Australian residents will apply for the 30 June 2017-18 income year:

Taxable income

Tax on this income

$0 - $18,200


$18,201 - $37,000

19% of excess over $18,200

$37,001 - $87,000

$3,572 plus 32.5% of excess over $37,000

$87,001 - $180,000

$19,822 plus 37% of excess of $87,000

$180,001 and over

$54,232 plus 45% of excess over $180,000

Due to the removal of the Temporary Budget Repair Levy from 1 July 2017, the effective top marginal tax rate for the 30 June 2017-18 income year will be 47% including the 2% Medicare Levy (down from 49% for the 30 June 2016-17 income year).

The Treasurer announced the Medicare Levy would increase from 2% to 2.5% with effect from 1 July 2019 and low-income thresholds for singles, families, seniors and pensioners would be increased for the 2017-18 income year to take account of inflation.

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