TABL5551 TAX RATES – 2022 TAX YEAR AUSTRALIAN RESIDENT INDIVIDUALS Resident individual income tax rates (2022 tax year) TAXABLE INCOME TAX ON INCOME Less than $18,200 NIL $18,201 to $45,000 19c for each dollar over $18,200 $45,001 to $120,000 $5,092 + 32.5c for each dollar over $45,000 $120,001 to $180,000 $29,467 + 37c for each dollar over $120,000 $180,001 + $51,667 + 45c for each dollar over $180,000 Medicare Levy for singles (2022 tax year) TAXABLE INCOME Medicare Levy Less than $23,226 Nil $23,226 to $29,033 Nil + 10c for each dollar over $23,226 Over $29,033 2c for each dollar of your taxable income Refer to the ATO Website for the Medicare levy for families. Medicare Levy Surcharge for singles (2022 tax year) The Medicare Levy Surcharge is payable by Australian resident individuals who do not have private hospital health insurance. INCOME FOR SURCHARGE PURPOSES Medicare Levy Surcharge $90,000 or less Nil $90,001 to $105,000 1c for each dollar of your taxable income $105,001 to $140,000 1.25c for each dollar of your taxable income $140,001 + 1.5c for each dollar of your taxable income Refer to ATO website for the Medicare levy surcharge for families. Low Income Tax Offset (2021 tax year) The Low Income Tax Offset (LITO) is a non-refundable tax offset available to Individuals that are Australian Residents (who have taxable income below $66,667). TAXABLE INCOME (TI) LITO Amount $0 – $37,500 $700 $37,501 – $45,000 $700 – ([Taxable Income – $37,500] x 0.5%) $45,000 and $66,667 $325 – ([Taxable Income – $45,001] x 1.5%) $66,667 or more Nil Low and Middle Income Tax Offset (2021 tax year) The Low and Middle Income Tax Offset (LAMITO) is a non-refundable tax offset available to Individuals that are Australian Residents (who have taxable income below $126,000). This offset operates in addition to LITO. TAXABLE INCOME (TI) LMITO Amount $0 – $37,000 $255 $37,001 – $48,000 $255 + ([Taxable Income – $37,000] x 7.
5%) $48,000 – $90,000 $1,080 $90,000 – $126,000 $1,080 – ([Taxable Income – $90,000] x 3%) $126,001 or more NIL Higher Education Loan Programme (HELP) Repayment (2022 income tax year) Taxpayers (individuals) with an outstanding HELP Debt are required to make a repayment calculated by multiplying the repayment rate by the taxpayer’s repayment income. Note that the repayment amount cannot exceed the amount of the outstanding HELP Debt. REPAYMENT INCOME (RI) (Assume RI equals taxable income) RATE OF REPAYMENT Below $47,014 Nil $47,014 – $54,282 1.0% $54,283 – $57,538 2.0% $57,539 – $60,991 2.5% $60,992 – $64,651 3.0% $64,652 – $68,529 3.5% $68,530 – $72,641 4.0% $72,642 – $77,001 4.5% $77,001 – $81,620 5.0% $81,621 – $86,518 5.5% $86,519 – $91,709 6.0% $91,710 – $97,212 6.5% $97,213 – $103,045 7.0% $103,046 – $109,227 7.5% $109,228 – $115,781 8.0% $115,782 – $122,728 8.5% $122,729 – $130,092 9.0% $130,093 – $137,897 9.5% $137,898 and above 10% AUSTRALIAN NON-RESIDENT INDIVIDUALS Non-resident individual income tax rates (2022 tax year) TAXABLE INCOME TAX ON INCOME Less than $120,000 32.5c for each dollar over Nil $120,001 to $180,000 $39,000 + 37c for each dollar over $120,000 $180,001 + $61,200 + 45c for each dollar over $180,000 Non-residents are not required to pay the Medicare Levy or the Medicare Levy Surcharge. They are not eligible for LITO or LAMITO. COMPANIES Company tax rates (apply to resident and non-resident companies) TYPE OF COMPANY TAX RATE 2022 TAX YEAR TAX RATE 2021 TAX YEAR Base rate entity 25% of taxable income 26% of taxable income All other companies 30% of taxable income 30% of taxable income A base rate entity is a company that satisfies both of the following requirements: No more than 80% of their assessable income is passive income (e.g. dividends, royalties, rent, interest, net capital gains). Turnover is less than the turnover threshold for the year ($50 million)