Tax season is here, and Australians are preparing for the 2018 income tax rate table. Every year, people must stay on top of the latest updates to the Australian tax system in order to make sure they’re paying the correct amount. To help Australians understand their taxes, let’s take a look at the 2018 tax rate table for Australia.
The Australian Tax Office (ATO) sets a range of different tax rates each year, depending on the individual’s income level. It’s important to understand the different tax brackets and how much tax you owe under each bracket, as this can have a significant impact on your tax bill. The 2018 tax rate table for Australia includes several changes from 2017. For example, the tax-free threshold has been increased to $18,200, meaning anyone earning less than this amount is not liable for income tax.
The following tax rate table outlines the 2018 Australian tax brackets and rates. These apply to any individual earning over the tax-free threshold of $18,200, and up to $37,000. For incomes above $37,000, the tax rate increases gradually up to 47%, which applies to incomes above $180,000.
Income Tax Rate
$0 - $18,200: 0%
$18,201 - $37,000: 19%
$37,001 - $87,000: 32.5%
$87,001 - $180,000: 37%
Above $180,000: 47%
In addition to the general income tax rates, there are also a range of other taxes that individuals may need to pay. These include the Medicare levy, Capital Gains Tax, and Fringe Benefits Tax. The Medicare Levy is a flat rate of 2%, and applies to all taxable incomes. Capital Gains Tax is applicable for any capital gains made on investments, and is calculated at a rate of 10%. Fringe Benefits Tax is applicable on certain non-cash benefits provided to employees, such as cars or free flights, and is charged at a rate of 47%.
It’s important for Australians to understand the different taxes they may be liable for in order to ensure they’re paying the correct amount. If you’re unsure of your tax obligations, it’s best to seek professional advice. A financial adviser can provide guidance and assistance in navigating the complexities of the Australian tax system.
Overall, the 2018 tax rate table for Australia is fairly straightforward. Knowing your taxable income and the applicable tax rate can help you plan ahead and make sure you’re paying the correct amount of tax. With the right preparation, you can make sure you get the most out of your tax return.
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