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Tuesday, June 25, 2013

Tax Time - 2012-13 ATO Tax Rates

Tax rates 2012-13
The following rates for 2012-13 apply from 1 July 2012.
Taxable income
Tax on this income
0 - $18,200
$18,201 - $37,000
19c for each $1 over $18,200
$37,001 - $80,000
$3,572 plus 32.5c for each $1 over $37,000
$80,001 - $180,000
$17,547 plus 37c for each $1 over $80,000
$180,001 and over
$54,547 plus 45c for each $1 over $180,000

With only a few days left of this financial year, many are wondering what their tax rate is. I've taken the above table from the ATO website which may help some of you out there. There was an article which talked about legal ways you can reduce your tax payable. For example, you can support a favourite charity - If you can get a receipt from a tax-deductible charity for your donation, now would be a good time to donate. Alternatively, you can buy work related, tax deductible goods depending on your profession. For accountants, perhaps a calculator or a laptop?

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