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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.
Source: Australian Taxation Office
These rates apply to individuals who are Australian residents for tax purposes.
| Taxable Income | Tax on this Income |
| 0 – $18,200 | Nil |
| $18,201 – $37,000 | 19c 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%.
These rates apply to individuals who are foreign residents for tax purposes.
| Taxable Income | Tax on this Income |
| 0 – $90,000 | 32.5c 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 |
The following rates of tax apply to companies for the 2019–20 income year. (See note 1)
| Income Category | Rate % |
| Base rate entities | 27.5% |
| Otherwise | 30% |
Note 1: This includes corporate limited partnerships, strata title bodies corporate, trustees of corporate unit trusts and public trading trusts.
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.
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