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 Tax Residents | Tax Non-Residents
Income Tax Rates for 2003/04
Tax Residents
| Taxable Income ($) | Marginal Rate($) | | 0 - 6,000 | Nil | | 6,001 – 21,600 | Nil + 17% of the excess over $ 6,000 | | 21,601 – 52,000 | 2,652 + 30% of the excess over $21,600 | | 52,001 – 62,500 | 11,772 + 42% of the excess over $52,000 | | 62,501 + | 16,182 + 47% of the excess over $62,500 |
Medicare Levy for 2004 is 1.5% of the Taxable Income
Tax Residents – Tax free threshold is $6,000 for the full year. If arriving in the country for the first time or leaving the country permanently part way through a tax year you have to pro rata your tax free threshold and Medicare Levy.
Tax Non-Residents
| Taxable Income ($) | Marginal Rate (%) | | 0 – 21,600 | 29c for each $ | | 21,601 – 52,000 | 6,264 + 30c for each $1 over $21,600 | | 52,001 – 62,500 | 14,920 + 42c for each $1 over $52,000 | | 62,501 and over 19,330 | + 47c for each $1 over $62,500 |
Non Residents do not pay Medicare Levy.
- • TAX YEAR RUNS from the 1st of July to the 30th of June (eg 1 July 2003 to 30 June 2004)
- • If you prepare and lodge your own tax return it must be lodged between the 1st of July and the 31st October of the year in question in order for you to avoid a penalty for failure to lodge.
- • If leaving Australia permanently check your superannuation to see if you can roll it over to your overseas superannuation fund.
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