2019-20 Financial Year Tax Rates

THE NEW TAX SCALES

Individual Rates from 1 July 2019 –30 June 2020.

Taxable income Per cent

$0 - $18,200 Nil

$18,200 - $37,000 19.0%

$37,001 - $90,000 32.5%

$90,001 - $180,000 37.0%

>$180,001 45.0%

Individual Rates from 1 July 2020 –30 June 2021.

Taxable income Per cent

$0 - $18,200 Nil

$18,201 - $37,000 19.0%

$37,001 - $90,000 32.5%

$90,001 - $180,000 37.0%

>$180,001 45.0%

Other Rates

Company Rates 27.5%*

Complying super 15%

Non-complying super 45%

FBT 47%

SGC 9.50%

*Base rate entity company tax rate-For company annual turnover less than $25 million otherwise 30%.

Government co-contributions – Maximum $500

The government will contribute $0.50 for each dollar contributed up to maximum co-contribution of $1,000 for at or below the lower income threshold.

2019/20

Lower income threshold $38,564

Higher income threshold $53,564

HELP, TSL, SSL Repayment Rates & Thresholds

2019-20