12th November 2020   |   Tax

Tax return

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 +

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