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Federal Budget: Personal Tax Rates Medicare Levy Flood Levy
Personal Tax Rates Residential marginal tax rates 2011/2012 | Taxable income | Tax payable | | $0 - $6000 | 0% | | $6,001 - $37,000 | $0 + 15% > $6000 | | $37,001 - $80,000 | $4,650 + 30% > $37,000 | | $80,001 - $180,000 | $17,550 + 37% > $80,000 | | $180,001 + | $54,550 + 45% > $180,000 | Resident tax rates for minors Applied against unearned income. | Eligible taxable income | Tax payable | | $0 - $416 | 0% | | $417 - $1,307 | 66% of each $1 > $416 | | $1,308 + | 45% of each $1 > $0 | Entity tax | Structure | Tax Rate | | Company | 30% | | Super fund – accumulation phase | 15% | | Super fund – pension phase | 0% | | Super fund – non complying | 45% | | Franking credits | | Income distribution x (30/70) x Franking (%) |
Medicare LevyGenerally based on taxable income, less taxable income component of super lump sums up to the low rate cap between age 55 and 59 | Single Income | Family income | Levy | | Standard | | $18,839 or less | $31,7891 or less | Nil | | $18,840 - $22,163 | $31,7901 - $37,3982 | * | | $22,164 + | $37,3992 + | 1.5% | | If eligible for pensioner tax offset | | $30,439 or less | $31,7891 or less | Nil | | $30,440 - $35,810 | $31,7901 - $37,3982 | * | | $35,811 + | $37,3992 + | 1.5% | | If eligible for senior Australians tax offset | | $30,685 or less | $44,5001 | Nil | | $30,686 - $36,100 | $44,5011 - $52,3252 | * | | $36,101 + | $52,3532 + | 1.5% | * 10 cents for every dollar between these amounts. 1 For each dependent child, add $2,919 2 For each dependent child add $3,434 Certain taxpayers are exempt from Medicare Levy
Flood Levy (2011/12 only) | Taxable income | Tax payable | | $50,000 or less | Nil | | $50,501 - $100,000 | 0.5% x (taxable income less $50,000) | | $100,001 + | $250 + 1% x (taxable income less $100,000) | Certain taxpayers are exempt from the flood levy
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