Australian Income Tax — Resident Rates (2024-25)
Income tax in Australia is administered by the Australian Taxation Office (ATO). The financial year runs from 1 July to 30 June. Resident individuals are taxed on worldwide income using progressive brackets.
2024-25 Tax Brackets — Residents
| Taxable Income | Tax Rate | Tax on Bracket |
|---|---|---|
| $0 – $18,200 | 0% | Nil |
| $18,201 – $45,000 | 16% | Up to $4,288 |
| $45,001 – $135,000 | 30% | Up to $27,000 |
| $135,001 – $190,000 | 37% | Up to $20,350 |
| Above $190,000 | 45% | 45% of excess |
Medicare Levy
The Medicare Levy is 2% of taxable income for most Australian residents. It funds the public healthcare system (Medicare). Low-income taxpayers may qualify for a reduction or exemption:
- Full exemption: taxable income below ~$24,000 (singles, 2023-24 thresholds)
- Partial reduction: income between exemption threshold and shade-in limit
- Medicare Levy Surcharge: additional 1–1.5% if no private health insurance and income above $93,000
Tax Offsets & Credits (Not Included)
- Low Income Tax Offset (LITO): Up to $700 for incomes below $66,667
- Low and Middle Income Tax Offset: Ended after 2021-22
- Private health insurance rebate: Reduces cost of private cover
Key Dates — 2024-25 Financial Year
- Financial year: 1 July 2024 – 30 June 2025
- Tax return deadline: 31 October 2025 (self-lodgers)
- Through tax agent: Extended deadline (typically May 2026)