The government has brought into effect the following changes to the personal tax brackets which will be backdated to apply from 1 July 2020. The new income ranges and applicable tax rates are summarised below:
| Tax Rate | Current (Up to 30 June 2020) | From 1 July 2020 |
| 0% | $0 – $18,200 | $0 – $18,200 |
| 19% | $18,201 – $37,000 | $18,201 – $45,000 |
| 32.5% | $37,001 – $90,000 | $45,001 – $120,000 |
| 37% | $90,001 – $180,000 | $120,001 – $180,000 |
| 45% | > $180,000 | > $180,000 |
Further information can be obtained from this link to the ATO website:https://www.ato.gov.au/Rates/Individual-income-tax-rates/
Elliot Johnson
Fuse Accounting
This blog is intended to give an overview of the taxation issues involved and does not constitute tax advice. It is important that you consider appropriate tax advice that suits your circumstances.