RSM Australia

Budget 2016 - Summary of tax rates and thresholds for individuals

Resident taxpayers

The current 2015/16 tax rates (including the 2% temporary budget deficit levy, but excluding the 2% Medicare levy) are:

2015/16 Income Year

Taxable Income $

Tax Payable $

0 – 18,200

Nil

18,201 – 37,000

Nil + 19% of excess over $18,200

37,001 – 80,000

3,572 + 32.5% of excess over $37,000

80,001 – 180,000

17,547 + 37% of excess over $80,000

180,001 +

54,547 + 47% of excess over $180,000

 

The proposed rates for the 2016/17 year (including the 2% temporary budget deficit levy, but excluding the 2% Medicare levy) are:

2016/17 Income Year

Taxable Income $

Tax Payable $

0 – 18,200

Nil

18,201 – 37,000

Nil + 19% of excess over $18,200

37,001 – 87,000

3,572 + 32.5% of excess over $37,000

87,001 – 180,000

19,822 + 37% of excess over $80,000

180,001 +

54,232 + 47% of excess over $180,000

 

Non-resident taxpayers

The current rates for non-resident taxpayers (including the temporary budget deficit levy) for 2015/16 are:

2015/16 Income Year

Taxable Income $

Tax Payable $

0 – 80,000

32.5%

80,001 – 180,000

26,000 + 37% of excess over $80,000

180,001 +

63,000 + 47% of excess over $180,000

Note: foreign residents who hold a Special Program Visa (subclass 416) and are employed by an approved employer under the Seasonal Labour Mobility Program will be taxed at 15%.

The proposed tax rates for non-residents (including the temporary budget deficit levy) for 2016/17 are:

2015/16 Income Year

Taxable Income $

Tax Payable $

0 – 87,000

32.5%

87,001 – 180,000

28,275 + 37% of excess over $80,000

180,001 +

62,685 + 47% of excess over $180,000