Australian Income Tax Rates for the year 2011/2012.
Almost everyone in Australia needs to lodge a tax return every year with the ATO, even those who pay no tax need to advise the ATO of that to avoid being chased for non lodgement of tax returns.
Most Tax returns need to be completed by the end of October, 4 months after the tax year ends on 30th June. Taxpayers registered with a Tax Agent are allowed to have that time limit extended to the deadline allocated to that particular Tax Agent.
Most employees will have tax calculated based on their pay period, and many taxpayers end up paying too much tax during the year. Consequently, a large number of taxpayers actually get tax refunds at the end of each tax year, and normally within 14 days of lodging their end of year tax return.
Income Tax Rates in Australia 2011 – 2012.
A resident taxpayer in Australia who earns $16,000 or under, in the year, will pay NO tax on that income.
If the annual income is $37,000 then the tax payable is $4,650. This is 12.6% of Taxable Income.
At an income of $80,000 the tax will be $17,550. This is 21.9% of Taxable Income.
For a higher earner at $180,000 the tax will be $54,550. This is 30.3% of Taxable Income.
| Taxable income | Tax on this income |
| $0 – $6,000 | Nil |
| $6,001 – $37,000 | 15c for each $1 over $6,000 |
| $37,001 – $80,000 | $4,650 plus 30c for each $1 over $37,000 |
| $80,001 – $180,000 | $17,550 plus 37c for each $1 over $80,000 |
| Over $180,000 | $54,550 plus 45c for each $1 over $180,000 |
The above rates DO NOT include the 1.5% Medicare levy* Low income earners under $16,000 will pay no tax, due to the Low Income Tax Offset.
These rates are the same as the 2010-11 rates, as no changes have been announced.