Tax Rates 2018-2019 Year that Clients will pay (Residents).
The Australian Tax Office (ATO) collects income tax from working Australians each financial year. Financial years run from July 1 to June 30 of the following year, so currently we are in the 2018/2019 financial year (July 1 2018 to June 30 2019).
The income tax brackets and rates for Australian residents for the current year are listed below.
Tax payable on the level of taxable income
|Taxable income||Tax on this Income|
|0 to $18,200||NIL|
|$18,201 to $37,000||19c for each $1 over $18,200|
|$37,001 to $90,000||$3,572 plus 32.5c for each $1 over $37,000|
|$90,001 to $180,000||$20,797 plus 37c for each $1 over $90,000|
|greater than $180,001 >>>>>>||$54,097 plus 45c for each $1 over $180,000|
2018–19 repayment income thresholds and rates for HELP, SSL, ABSTUDY SSL and TSL debts.You must start making compulsory repayments against your study or training support loan when your repayment income exceeds the minimum repayment threshold. This is even if you are still studying or undertaking an apprenticeship. The repayment thresholds are adjusted each year to reflect any changes in average weekly earnings. Compulsory repayments are made through your tax return. You can also make voluntary repayments at any time to reduce your loan balance. Your repayment income(RI*) is calculated using the following amounts from your tax return and payment summaries:
|Repayment income (RI*)||Repayment rate|
|$51,957 – $57,729||2.0%|
|$57,730 – $64,306||4.0%|
|$64,307 – $70,881||4.5%|
|$70,882 – $74,607||5.0%|
|$74,608 – $80,197||5.5%|
|$80,198 – $86,855||6.0%|
|$86,856- – $91,425||6.5%|
|$91,426 – $100,613||7.0%|
|$100,614 – $107,213||7.5%||$107,214 and above||8.0%|
The private health insurance rebate is an amount the government contributes towards the cost of your private health insurance premiums.
The rebate can be claimed for premiums paid for a private health insurance policy that provides private patient hospital cover or general cover, commonly
known as 'extras', or combined hospital and general cover.
This rebate is income tested, which means your eligibility to receive it depends on your income. If you have a higher income, your rebate entitlement may be reduced, or you may not be entitled
to any rebate at all.
If you or your family do not have a private health insurance policy that provides an appropriate level of private patient hospital cover, and your income for Medicare levy surcharge (MLS) purposes is above a certain threshold, you will be required to pay the MLS.
Tax agents can no longer calculate any tax familiy benefit you might be entitled to.You need to make an application to the dept of Human Services.
From July 2019, the FTB Part A higher income free area will increase from $94,316 to $98,988. The base rate of FTB Part A will reduce by 30 cents for every dollar earned over this amount.
What the base rate is The base rate for FTB Part A is $58.66 for each child per fortnight. The base rate isn’t the minimum rate of FTB Part A. We may pay you less than the base rate. For example, you may get less due to your income. What the maximum rate is The maximum rate for FTB Part A depends on the age of the child you get it for. The maximum rate for each child per fortnight is: $182.84 for a child 0 to 12 years $237.86 for a child 13 to 15 years $237.86 for a child 16 to 19 years who meets the study requirements $58.66 for a child 0 to 19 years in an approved care organisation
What the FTB Part A supplement rate is If you get FTB Part A, you may also get the FTB Part A supplement. It’s a yearly payment. If you’re eligible, you’ll get it automatically after we balance your payments. We do this after the end of the financial year. For the 2018-19 financial year, it's a payment of up to $737.30 for each eligible child. The amount we’ll pay you depends on: how many children you have in your care if you share care your family’s income, and the number of days you were eligible for FTB Part A To get the FTB Part A supplement for 2018-19, your child still needs to meet: immunisation requirements, and Healthy Start for School requirements, if they apply