Tax Return 2017
Individual Income Tax Rates 2017
June 16, 2017
The Government has announced that from 1 July 2016, for individual taxpayers, the marginal tax rate of 37 per cent starts at $87,000 instead of the previous $80,000.
The 2017 financial year started on 1 July 2016 and ends on 30 June 2017. The financial year for tax purposes for individuals starts on 1st July and ends on 30 June of the following year.
Tax rates 2016–17
These rates apply to individuals who are Australian residents for tax purposes for the financial year ending 30 June, 2017.
The above rates do not include the:
NOTE: In Australia, most small businesses are not incorporated businesses, and they do not pay the company tax rate. Instead, many small businesses across our country operate as a sole trader, as a partnership or as a trust. In the 2016–17 Budget, the Government announced an increase to the tax discount for unincorporated small businesses incrementally over 10 years from 5 per cent to 16 per cent. For 2016-17 tax year this tax offset has increased to 8%. To be eligible for the offset, you must be carrying on a small business as a sole trader or have a share of net small business income from a partnership or trust. The small business must have an aggregated turnover less than $5 million for the 2016–17 income year onwards, $2 million for the 2015–16 income year.
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