Assisting Households - Tax Cuts
From 1 July 2012, the tax-free threshold is tripled to $18,200.
Everyone earning under $80,000 will receive a tax cut.
And that means more in the take home salary of millions of Australians.
People who earn less than $18,200 will not pay any income tax and won't need to lodge a tax return.
| Tax rates (from 1 July 2012) for 2012-13 and 2013-14 |
|
|---|---|
| Taxable income | Tax on this income |
| 0 - $18,200 | Nil |
| $18,201 - $37,000 | 19c for each $1 over $18,200 |
| $37,001 - $80,000 | $3,572 plus 32.5c for each $1 over $37,000 |
| $80,001 - $180,000 | $17,547 plus 37c for each $1 over $80,000 |
| $180,001 and over | $54,547 plus 45c for each $1 over $180,000 |
