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What are the tax rates?

               For residents of Australia for the year 2018-2019.. 

(Nb. This includes the 2% medicare levy)

Taxable income

Tax on this income

0 – $18,200

   Nil

$18,201 – $37,000

   21c for each $1 over $18,200

$37,001 – $90,000

  $3,572 plus 34.5c for each $1 over $37,000 

$90,001 – $180,000

  $20,797 plus 39c for each $1 over $90,000

$180,001 and over

 $54,097 plus 47c for each $1 over $180,000

What can I deduct as an expense?

You can deduct anything that you have to necessarily buy for work. By that I mean sun protection for outdoor workers, steel-cap boots for construction workers, travel required by your employer, donations and accountants fees to name a few.  Uniforms have special rules - they must be either protective clothing, or a specific uniform required to be worn by your employer.

 

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Partnerships:  The income is split between each of the partners equally, unless there is a partnership agreement specifying the percentages. The income is taxed in the indiviuals hands as per the tax threshholds in the table.

Companies:  A small business entity is taxed at 27.5% per the 2018-19 year, and all others at 30%.

Trusts:  There are multiple types of trusts and rules associated with those trusts, so see your accountant.

Self-Managed Superannuation Funds:  talk to your accountant.

 

 

Nb. This is inclusive of the 2% Medicare Levy.