| Legislated personal income tax thresholds from 1 July 2020 to 30 June 2022 (Stage 2) | ||
|---|---|---|
| Taxable Income | Rate | Tax Payable |
| $0 – $18,200 | 0% | Nil |
| $18,201 – $45,000 | 19% | Nil + 19% of excess over $18,200 |
| $45,001 – $120,000 | 32.5% | $5,092 + 32.5% of excess over $45,000 |
| $120,001 – $180,000 | 37% | $29,467 + 32.5% of excess over $120,000 |
| $180,000 + | 45% | $51,667 + 45% of excess over $180,000 |
| Former personal income tax thresholds from 1 July 2020 to 30 June 2022 (Stage 1) | ||
|---|---|---|
| Taxable Income | Rate | Tax Payable |
| $0 – $18,200 | 0% | Nil |
| $18,201 – $37,000 | 19% | Nil + 19% of excess over $18,200 |
| $37,001 – $90,000 | 32.5% | $3,572 + 32.5% of excess over $37,000 |
| $90,001 – $180,000 | 37% | $20,797 + 37% of excess over $90,000 |
| $180,000 + | 45% | $54,097 + 45% of excess over $180,000 |
Low-Income Tax Offset
From 1 July 2020, the maximum amount of the LITO will increase from $445 to $700. The LITO will be withdrawn at the rate of 5 cents per dollar for taxable incomes between $37,500 and $45,000, and 1.5 cents per dollar from $45,000 to $66,667.
Low and Middle Income Tax Offset
The LMITO applies to taxable incomes up to $126,000. The minimum offset is $255 for taxable incomes of $37,000 or less. The maximum offset is $1,080 for taxable incomes between $48,001 and $90,000. The LMITO will be retained for 2020-21 and then removed from 2021-22.
