Fast Facts
Updated July 2024 for financial year 2024-25, unless otherwise stated
Fast Facts is a comprehensive and easy to use online resource for finance professionals. It brings together useful rates and thresholds from a range of Government sources and is updated quarterly to provide you with the latest information. Bookmark this page to have this resource at your fingertips when you need it.
Individual resident tax rates
(Excludes minors and working holiday makers)
| Taxable income | Tax | % tax on excess |
|---|---|---|
| $18,200 | Nil | 16.0% |
| $45,000 | $4,288 | 30% |
| $135,000 | $31,288 | 37.0% |
| $190,000 | $51,638 | 45.0% |
Individual non-resident tax rates [1]
(Excludes minors and working holiday makers)
| Taxable income | Tax | % tax on excess |
|---|---|---|
| Nil | Nil | 30% |
| $135,000 | $40,500 | 37.0% |
| $190,000 | $60,850 | 45.0% |
Other tax rates
| Complying superannuation fund | 15% |
| Non-complying superannuation fund | 45% |
| Insurance bond | 30% |
| Company - base rate entity | 25% |
| Company - other | 30% |
Medicare levy thresholds (2023-24)
| No levy payable if taxable income | Reduced levy on income in range | Full levy payable | |
|---|---|---|---|
| Single | ≤$26,000 | $26,001 - $32,500 | ≥$32,501 |
| Family (no children) | ≤$43,846 | $43,847 - $54,807 | ≥$54,808 |
| Seniors and pensioners | |||
| Single | ≤$41,089 | $41,090 - $51,361 | ≥$51,362 |
| Couple | ≤$57,198 | $57,199 - $71,497 | ≥$71,498 |
Medicare levy surcharge
Surcharge applies for singles and families with income for surcharge purposes above the threshold who do not have adequate private health insurance.
| Nil | 1% | 1.25% | 1.5% | |
|---|---|---|---|---|
| Single | <$97,000 | $97,001 - $113,000 | $113,001 - $151,000 | >$151,000 |
| Family | <$194,000 | $194,001 - $226,000 | $226,001 - $302,000 | >$302,000 |
