Individual tax cuts


Individual tax cuts

For the 2017 and 2018 tax years the top marginal rate will drop to 45% (with removal of 2% budget deficit levy) for income over $180,000
 and the marginal rate of 37% will apply for income over $87,000.

The Medicare levy will increase to 2.5% from July 2019.

HELP debt – increased repayments rates & lower threshold limits from July 2018

For the 2018 tax year, the minimum repayment threshold is $55,874 at a tax rate of 4%.
A new minimum repayment threshold of $42,000 at a rate of 1% will apply from July 2018.

Backpackers and working travellers tax rates

From January 2017, special tax rates will apply resulting in a flat rate of 15% for income up to $37,000 and then marginal tax rates apply over this amount.

 If you have question, please feel free to contact us.

Ledger Rutledge & Walker Pty Ltd © 2016

ABN 58 502 160 395 ACN 092 853 891

Australian Financial Services Limited Licence 484884

Liability limited by a scheme approved under Professional Standards Legislation 

Home | About Us | Services | News | Resources | Contact Us | Privacy Policy | Terms Of Use