Tables and Lists
TAX RATES FOR RESIDENT ADULTS 2023 and 2024
Annual Taxable Income $ | Tax on Income $ | Tax rate on excess above | |
0 to 18,200 | 0 | plus | 0% |
18,201 to 45,000 | 0 | plus | 19% |
45,001 to 120,000 | 5,092 | plus | 32.5% |
120,001 to 180,000 | 29,467 | plus | 37% |
180,001 plus | 51,667 | plus | 45% |
TAX RATES FOR RESIDENT ADULTS 2025
Annual Taxable Income $ | Tax on Income $ | Tax rate on excess above | |
0 to 18,200 | 0 | plus | 0% |
18,201 to 45,000 | 0 | plus | 16% |
45,001 to 135,000 | 4,288 | plus | 30% |
135,001 to 190,000 | 31,288 | plus | 37% |
190,001 plus | 51,638 | plus | 45% |
In addition to the income tax payable Medicare Levy of 2% is payable where a person’s taxable income exceeds a low threshold.
Medicare levythresholds
Category | Lower threshold $ |
Families | 43,846 |
Singles | 26,000 |
Single senior and pensioner | 41,089 |
Couple senior and pensioner | 57,198 |
MEDICARE LEVY SURCHARGE THRESHOLDS 2024
INCOME LEVELS | ||||
$ | $ | $ | >$ | |
Singles | 0-93,000 | 93,001-108,000 | 108,001-144,000 | 144,001 and over |
Families Income* | 0-186,000 | 186,001-216,000 | 216,001-288,000 | 288,001 and over |
Rates | 0% | 1% | 1.25% | 1.50% |
MEDICARE LEVY SURCHARGE THRESHOLDS 2025
INCOME LEVELS | ||||
$ | $ | $ | >$ | |
Singles Income | 0-97,000 | 97,001-113,000 | 113,001-151,000 | 151,001 and over |
Families Income * | 0-194,000 | 194,001-226,000 | 226,001-302,000 | 302,001 and over |
Rates | 0% | 1% | 1.25% | 1.50% |
RATES FOR NON-RESIDENT ADULT INDIVIDUALS 2023 and 2024
Annual Taxable Income $ | Tax on Income $ | Tax rate on excess above | |
0 to 120,000 | 0 | plus | 32.5% |
120,001 to 180,000 | 26,000 | plus | 37% |
180,001 plus | 63,000 | plus | 45% |
RATES FOR NON-RESIDENT ADULT INDIVIDUALS 2025
Annual Taxable Income $ | Tax on Income $ | Tax rate on excess above | |
0 to 135,000 | 0 | plus | 30% |
135,001 190,000 | 40,500 | plus | 37% |
190,001 plus | 60,850 | plus | 45% |
TAX RATES FOR INCOME OF MINORS
Other Income | Tax Rates |
Nil to 416 | Nil |
417 – 1,307 | Nil + 66% of the excess over $416 |
Over $1,307 | 45% of the total amount of income that is not excepted income |
TAX RATES FOR DECEASED ESTATES
Annual Taxable Income $ | Tax on Income $ | Tax rate on excess above | |
Less Than 3 years since death the | |||
3 years or more since death 2024 | |||
Nil to 416 | 0 | plus | 0% |
417 to 670 | 0 | plus | 50% |
671 to 45,000 | 0 | plus | All Income at19% |
45,001 to 120,000 | 8,550 | plus | 32.5% |
120,001 to 180,000 | 32,925 | plus | 37% |
180,001 plus | 55,125 | plus | 45% |
LOW INCOME TAX OFFSET
Maximum Offset* $ | Shade out Threshold $ | Income at which Offset Cuts Out $ | |
Single | 2,230 | 32,279 | 50,119 |
Couple Each | 1,602 | 28,974 each | 83,580 combined |
Couple (separated due to illness) | 2,040 | 31,279 each | 95,198 combined |
SENIOR AND PENSIONERS TAX OFFSET
Maximum Offset* $ | Shade out Threshold $ | Income at which Offset Cuts Out $ | |
Single | 2,230 | 32,279 | 50,119 |
Couple Each | 1,602 | 28,974 each | 83,580 combined |
Couple (separated due to illness) | 2,040 | 31,279 each | 95,198 combined |
OTHER TAX OFFSETS
Eligible spouse contribution tax offset | |
Income level of spouse when maximum tax offset of $540 decreases | $37,000 |
Income level when offset reduces to nil | $40,000 |
Superannuation pension tax offset – Taxed element | 15% |
Superannuation pension tax offset – Untaxed element | 10% |
Rebate reduces by 12.5c for each $1 of taxable income above the shade-out threshold Income for couples is the combined income
SUPERANNUATION LIMITS
Taxation of lump sum super payments
Age of person receiving the payment | Tax Rate Payable* |
60 and Over | Nil |
55 to 59 | |
Up to Tax Free Threshold low ratethreshold of $230,000 | Nil |
Excess Over Tax Free Threshold | 15% |
Under 55 | 20% |
Permanent Invalidity Payments | Nil |
Temporary Invalidity Payments | At Marginal tax rate |
Death benefits | |
To dependants | Nil |
To Non-dependants | 15% |
Rebate reduces by 12.5c for each $1 of taxable income above the shade-out threshold Income for couples is the combined income
Tax payable on superannuation pensions
Age of person receiving Pension | Tax Rate Payable* |
60 and Over | Nil |
55 to 59 | At marginal rate less 15% super pension rebate |
Under 55 | At marginal tax rate |
Permanent Invalidity Payments | Nil |
Temporary Invalidity Payments | At Marginal tax rate |
Death benefits | |
To dependants over 60 | Nil |
To dependants under 60 | At marginal rate less 15% super pension rebate |
Tax payable on superannuation contributions
Tax payable on superannuation contributions | |
On taxable income plus super contributions under $250,000 | Zero |
On superannuation component exceeding taxable income plus super contributions | 15% |
Death benefit payments
Death Benefit Payments | |
Lump sum payments to a dependant | Zero |
Lump sum payments to non-dependants if paid to | 15% |
To the beneficiaries including Medicare levy | 17% |
Commonwealth government co-contribution
Commonwealth government co-contribution | |
Lower income threshold to receive maximum $500 entitlement | $42,016 |
Income limit when no co-contribution is paid | $57,016 |
Concessional contribution limits
Concessional contribution limits | |
Total concessional contributions limit | $27,500 |
Non-concessional contribution limits
Non-concessional contribution limits | |
Annual limit if total superannuation balance below $1.9 million | $110,000 |
Maximum contribution under the bring forward rule if total superannuation balance is | $330,000 |
Between $1.68 million and less than $1.79 million | $220,000 |
Between $1.79 million and less than $1.9 million | $110,000 |
Balances over $1.9 million | Zero |
Small business CGT concession superannuation contribution limits
Age | 2022 and 2023 | 2024 |
55 to 64 | 2.00% | 4% |
65 to 74 | 2.50% | 5% |
75 to 79 | 3.00% | 6% |
80 to 84 | 3.50% | 7% |
85 to 89 | 4.50% | 9% |
90 to 94 | 5.50% | 11% |
95 and over | 7.00% | 14% |
Minimum superannuation pension rates
Age | 2022 and 2023 | 2024 |
55 to 64 | 2.00% | 4% |
65 to 74 | 2.50% | 5% |
75 to 79 | 3.00% | 6% |
80 to 84 | 3.50% | 7% |
85 to 89 | 4.50% | 9% |
90 to 94 | 5.50% | 11% |
95 and over | 7.00% | 14% |
When you can access you super
Age | Conditions |
65+ | No conditions, super can be accessed at any time |
60 to 64 | Termination of employment |
55 to 59 | Transition to retirement pension |
Retire and not intending to work more than 10 hours a week. | |
18 to 65 | Severe financial hardship, |
Terminal Illness | |
Compassionate grounds, | |
Permanent incapacity, | |
Temporary incapacity, | |
Death, and | |
Departing Australia permanently. | |
All Ages | Death or to pay excess contributions tax |
PENSION TESTS
Income Test
Family situation | Lower Threshold | Upper threshold |
Single | up to $204 p/f $5,304pa | $2,332 p/f $60,632 pa |
Couple (combined) | up to $360 p/f $9,360pa | $3,568 p/f $92,742 pa |
Once lower threshold is exceeded fortnightly pension decreases by 50 cents for each $1 earned for singles, and 25 cents for couples, until upper threshold is reached.
Assets Test
Family situation | Home owners | Non-Home owners |
Levels for FullPension | $ | $ |
Single | 301,750 | 543,750 |
Couple (combined) | 451,500 | 693,500 |
Couple (separateddue to illness) | 451,500 | 693,500 |
Once assets test limit exceededthe full pension decreases by $1.50 a fortnight for every $1000 in excess | ||
Limit when no pension received | ||
Single | 656,500 | 898,500 |
Couple (combined) | 986,500 | 1,228,500 |
Couple (separateddue to illness) | 1,161,000 | 1,403,000 |
DEEMING RATES: AGE PENSION/ COMMONWEALTH SENIORS HEALTH CARD
Single | |
Up to $60,400 of financial assets | 0.25% |
Over $60,400 of financial assets | 2.25% |
Couples | |
Up to $100,200 of financial assets | 0.25% |
Over $100,200 of financial assets | 2.25% |
INCOME TEST FOR COMMONWEALTH SENIORS HEALTH CARD 2024
INCOME TEST FOR COMMONWEALTH SENIORS HEALTH CARD 2024 | |
Single income limit | $90,000 |
Couple income limit | $144,000 |
Couple separated due to illness | $180,000 |
