Carollo & Co Business Advisors | Mosman Sydney
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Carollo & Co

Tax Rates

Celebrating 30 years - 1990 to 2020

Carollo & Co

Tax Rates

Tax Rates - Australia FY 2020

Not sure how much tax you'll be liable for this year? We've compiled tax rates for Individuals, Companies and Superannuation Funds (SMSF) for your referral.

Prior to making any decisions (business or personal) based on the information presented, we highly recommend you contact us or a qualified trusted advisor to discuss your strategy and options.

Individual income tax rates

Source: Australian Taxation Office

Residents 2019-20 & 2020–21

These rates apply to individuals who are Australian residents for tax purposes.

Taxable IncomeTax on this Income
0 – $18,200Nil
$18,201 – $37,00019c for each $1 over $18,200
$37,001 – $90,000$3,572 plus 32.5c for each $1 over $37,000
$90,001 – $180,000$20,797 plus 37c for each $1 over $90,000
$180,001 and over$54,097 plus 45c for each $1 over $180,000

The above rates do not include the Medicare levy of 2%.

Foreign resident tax rates 2019-20 & 2020–21

These rates apply to individuals who are foreign residents for tax purposes.

Taxable IncomeTax on this Income
0 – $90,00032.5c for each $1
$90,001 – $180,000$29,250 plus 37c for each $1 over $90,000
$180,001 and over$62,550 plus 45c for each $1 over $180,000

Company Tax rates 2019-20

The following rates of tax apply to companies for the 2019–20 income year. (See note 1)

Income CategoryRate %
Base rate entities27.5%
Otherwise30%

Note 1: This includes corporate limited partnerships, strata title bodies corporate, trustees of corporate unit trusts and public trading trusts.

Superannuation Funds - Tax on income

The income of your SMSF is generally taxed at a concessional rate of 15%. To be entitled to this rate, your fund has to be a ‘complying fund’ that follows the laws and rules for SMSFs. For a non-complying fund the rate is the highest marginal tax rate.

Carollo & Co | Business Advisors & Accountants | Mosman
Carollo & Co
Suite 2, 20 Clifford Street
Mosman NSW 2088
T 02 9969 1044
Liability limited by a Scheme approved under Professional Standards Legislation.
Carollo & Co | Business Advisors