New Tax Year – New Tax Rates

With the new tax year commencing on 1 July 2010, new income tax rate scales will apply, slightly reducing the income tax rates for the 2011 tax year.  The scales are outlined below:

Income Thresholds

Rate

2011 Tax Payable

$0 – $6,000

0%

Nil

$6,001 – $37,000

15%

Nil + 15% above $6,000

$37,001 – $80,000

30%

$4,650 + 30% above $80,000

$80,001 – $180,000

37%

$17,550 + 37% above $80,000

$180,000 and over

45%

$54,550 + 45% above $180,000

Increase in the Tax Free Amounts Received by Children

With the changes in the income tax rates, a reminder of the amounts of investment type income (including family trust distributions) that children can receive without having to pay tax.  The amounts are as follows:

Tax Year

Maximum Amount Without Tax Applying

30 June 2009

$2,666

30 June 2010

$3,000

30 June 2011

$3,333

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