Tax Rates 2016-2017 Year (Residents)

The 2017 financial year starts on 1 July 2016 and ends on 30 June 2017. The financial year for tax purposes for individuals starts on 1st July and ends on 30 June of the following year.

Personal Tax Rates 2016-17

At the time of calling the Federal election, the income tax changes announced in the Budget had not been enacted by Parliament. As a result there will be no change to the majority of tax tables from 1 July 2016. The tax tables that have been updated are for HELP/SSL/TSL and SFSS due to the annual indexing of repayment amounts, and the Superannuation and ETP tax tables to include indexed cap amounts for the 2016-17 income year (where applicable).

The 2016 Budget contains a proposal (awaiting parliamentary approval) to expand the 32.5 cent band from $80,000 to $87,000.*

Taxable Income Tax On This Income (New Rates Proposed in Budget)
0 to $18,200 Nil
$18,201 to $37,000 19c for each $1 over $18,200
$37,001 to $87,000* $3,572 plus 32.5c for each $1 over $37,000
* $87,001 to $180,000 $19,822 plus 37c for each $1 over $87,000
$180,001 and over $54,232 plus 47c for each $1 over $180,000

 

Taxable Income Tax On This Income (Existing Rates)
0 to $18,200 Nil
$18,201 to $37,000 19c for each $1 over $18,200
$37,001 to $80,000 $3,572 plus 32.5c for each $1 over $37,000
$80,001to $180,000 $17,547 plus 37c for each $1 over $80,000
$180,001 and over $54,547 plus 47c for each $1 over $180,000

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The information provided here is of a general nature for Australia and should not be your only source of information. Please consult an experienced and registered tax agent as each small business’ circumstance will vary for end of financial year.