Jump to:


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



* 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.




MLS (Medical Levy Surcharge) income thresholds and rates for 202324

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%




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:



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

NOTE: Non-residents are not required to pay the Medicare levy.



We provide professional advice and assistance that saves your money, time and stress.

We explore all the legal revenues to maximise your refund.






















Liability limited by a scheme approved under Professional Standards Legislation.

© Copyright Janjua & Co. All rights reserved.