12th November 2020 | Tax
The new individual tax rates for 2021 FY is now in place, and for people earning $120,000 should notice it on their payslip. The Government is lowering taxes by over $50 billion over the forward estimates, including around $9 billion in 2020–21 and an additional $32 billion in 2021–22. Low- and middle-income earners to receive tax relief of up to $2,745 for singles or up to $5,490 for dual-income families in 2020–21 compared with 2017–18 settings.
Make sure your current payslips reflect that, if not, talk to us to review.
Tax brackets for 2021
|
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% |
$180,001 + |
$180,001 + |