Individual Tax Returns
The 2024 financial year starts on 1 July 2023 and ends on 30 June 2024. The tax-free
thresholds and brackets for 2023-24 are unchanged from the previous tax year.
Tax rates 2023-24
Taxable income
| Tax on this income
| 0 – $18,200
| Nil
| $18,201 – $45,000
| 19c for each $1 over $ 18,200
| $45,001 – $120,000
| $5,092 plus 32.5c for each $1 over $45,000
| $120,001 – $180,000
| $29,467 plus 37c for each $1 over $120,000
| $180,001 and over
| $51,667 plus 45c for each $1 over $180,000
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| * The above table does not include Medicare Levy 2% or the effect of any
Low Income Tax Offset (”LITO“).
If eligible private health insurance cover is not maintained the Medicare Levy Surcharge adds a further levy of up to 1.5% depending on income.
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MLS (Medical Levy Surcharge) income thresholds and rates for 2023–24
Threshold
| Base tier
| Tier 1
| Tier 2
| Tier 3
| Single threshold
| $93,000 or less
| $93,001 – $108,000
| $108,001 – $144,000
| $144,001 or more
| Family threshold
| $186,000 or less
| $186,001 – $216,000
| $216,001 – $288,000
| $288,001 or more
| Medicare levy
surcharge
| 0%
| 1%
| 1.25%
| 1.5%
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Subject to the minimum income thresholds, the basic Medicare Levy is calculated as a
percentage of taxable income, and applies to resident Australian taxpayers.
The Medicare Levy Surcharge (”MLS“) – operates in addition to the basic Medicare levy if
sufficient private patient hospital insurance cover is not maintained and ranges from 1% to
1.5% based on an income test.
| Non-residents
If you are a non-resident for the full year, the following rates apply:
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Tax rates 2023-24
Taxable income
| Tax on this income
| 0 – $120,000
| 32.5c for each $1
| $120,001 – $180,000
| $39,000 + 37c for each $1 over $120,000
| $180,000 and Over
| $61,200 + 45c for each $1 over $180,000
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NOTE: Non-residents are not required to pay the Medicare levy.
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