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TABL2751 Tax Rates 2021 - Updated

The document outlines Australian tax rates for individual residents, non-resident individuals, and companies for the 2021 tax year. It provides income thresholds and tax rates for individual taxable income, Medicare levy, surcharge, offsets, and HELP repayment. For companies, it specifies the tax rates for base rate entities and all other companies. Non-residents are not required to pay the Medicare levy or offsets but are taxed at the same income tax rates as residents.

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66 views4 pages

TABL2751 Tax Rates 2021 - Updated

The document outlines Australian tax rates for individual residents, non-resident individuals, and companies for the 2021 tax year. It provides income thresholds and tax rates for individual taxable income, Medicare levy, surcharge, offsets, and HELP repayment. For companies, it specifies the tax rates for base rate entities and all other companies. Non-residents are not required to pay the Medicare levy or offsets but are taxed at the same income tax rates as residents.

Uploaded by

Peper12345
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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TABL2751

TAX RATES – 2021 TAX YEAR

* UPDATED VERSION *

AUSTRALIAN RESIDENT INDIVIDUALS

Resident individual income tax rates

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

TAXABLE INCOME Medicare Levy


Less than $23,226 Nil
$23,227 to $29,032 Nil + 10c for each dollar over $23,237
Over $29,032 2c for each dollar of your taxable income

Medicare Levy Surcharge

The Medicare Levy Surcharge is payable by Australian resident individuals who do not have
private hospital health insurance.

INCOME FOR SURCHARGE Medicare Levy Surcharge


PURPOSES
$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
Low Income Tax Offset

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 5%)
$45,001 - $66,667 $325 – ([Taxable Income - $45,000] x 1.5%)

Low and Middle Income Tax Offset

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 (2021 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) RATE OF REPAYMENT


(Assume RI equals taxable income)
Below $46,620 Nil
$46,620 - $53,826 1.0%
$53,827 - $57,055 2.0%
$57,056 - $60,479 2.5%
$60,480 - $64,108 3.0%
$64,109 - $67,954 3.5%
$67,955 - $72,031 4.0%
$72,032 - $76,354 4.5%
$76,355 - $80,935 5.0%
$80,936 - $85,792 5.5%
$85,793 - $90,939 6.0%
$90,940 - $96,396 6.5%
$96,397 - $102,179 7.0%
$102,180 - $108,309 7.5%
$108,310 - $114,707 8.0%
$114,708 - $121,698 8.5%
$121,699 - $128,999 9.0%
$129,000 - $136,739 9.5%
$136,740 and above 10%

AUSTRALIAN NON-RESIDENT INDIVIDUALS

Non-resident individual income tax rates (2021 & 2020 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 TAX RATE


2021 TAX YEAR 2020 TAX YEAR
Base rate entity 26% of taxable income 27.5% 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)

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