{"id":10851,"date":"2024-12-05T21:53:42","date_gmt":"2024-12-05T10:53:42","guid":{"rendered":"https:\/\/mnygroup.com.au\/2024-2025%e8%b4%a2%e5%b9%b4%e7%a8%8e%e7%8e%87%e5%92%8c%e7%a8%8e%e6%94%b6%e9%99%90%e9%a2%9d\/"},"modified":"2025-02-18T21:40:51","modified_gmt":"2025-02-18T10:40:51","slug":"australian-tax-rates-2024-2025","status":"publish","type":"post","link":"https:\/\/mnygroup.com.au\/en\/australian-tax-rates-2024-2025\/","title":{"rendered":"Australian tax rates 2024 – 2025"},"content":{"rendered":"\n

This guide provides important information about the tax rates or relevant thresholds for the 2024-2025 financial year, helping you better understand various tax aspects, including Australian resident tax rates, tax credits, corporate income tax rates, employee benefits tax rates, and Medicare tax rates. Additionally, it includes basic Medicare information and a table of major foreign exchange rates.<\/p>\n\n\n\n

For the 2025 financial year, the main tax rates and standard benchmarks for individuals with an annual income below $135,000 have been reduced. The personal income tax rate for Australian residents with an annual income between $18,201 and $45,000 has been lowered from 19% to 16%, a decrease of 3%. The tax rate for annual incomes between $45,001 and $135,000 is 30%, a reduction of 2.5%. The non-resident personal income tax rate for annual income below $120,000 has also been reduced by 2.5%, from 32.5% to 30%.<\/p>\n\n\n\n

For the 2025 financial year, the changes to corporate income tax primarily focus on non-profit organizations\uff0c Non-profit organizations with income between $417 and $ 762 will be taxed at a rate of 55%, and for income exceeding $763, the tax rate will decrease from 26% to 25%.<\/p>\n\n\n\n

Individual tax rates<\/strong><\/h2>\n\n\n\n

Australian resident tax brackets and rates 2024-2025<\/h3>\n\n\n\n
Taxable income<\/strong><\/td>Tax rate%<\/strong><\/td>Tax payable on this income<\/strong> <\/td><\/tr>
0 \u2013 $18,200<\/td>0<\/td>Nil<\/td><\/tr>
$18,201 \u2013 $45,000<\/td>16<\/td>16c for each $1 over $18,200<\/td><\/tr>
$45,001 \u2013 $135,000<\/td>30<\/td>$4,288 plus 30c for each $1 over $45,000<\/td><\/tr>
$135,001 \u2013 $190,000<\/td>37<\/td>$31,288 plus 37c for each $1 over $135,000<\/td><\/tr>
$190,001 and over<\/td>45<\/td>$51,638 plus 45c for each $1 over $190,000<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

Individual tax rates for non-residents 2024-2025<\/h3>\n\n\n\n
Taxable income<\/strong><\/td>Tax rate%<\/strong><\/td>Tax payable on this income<\/strong><\/td><\/tr>
0 \u2013 $120,000<\/td>30<\/td>30c for each $1<\/td><\/tr>
$120,001 \u2013 $180,000<\/td>37<\/td>$40,500 plus 37c for each $1 over $135,000<\/td><\/tr>
$180,001 and over<\/td>45<\/td>$60,850 plus 45c for each $1 over $190,000<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

2024-2025 Resident minors\u2019 tax rate on eligible taxable income<\/h3>\n\n\n\n
Taxable income<\/strong><\/td>Tax payable on this income<\/strong><\/td><\/tr>
$0 \u2013 $416<\/td>Nil<\/td><\/tr>
$417 \u2013 $1,307<\/td>Nil plus 66% of the excess over $416<\/td><\/tr>
Over $1,307<\/td>45% of the total amount of the income that is not excepted income<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

2024-2025 Non-Resident minors\u2019 tax rate on eligible taxable income<\/h3>\n\n\n\n
Taxable income<\/strong><\/td>Tax payable on this income<\/strong><\/td><\/tr>
$0 \u2013 $416<\/td>30% of the entire amount<\/td><\/tr>
$417 \u2013 $713<\/td>$124.80 plus 66% of the excess over $416<\/td><\/tr>
Over $713<\/td>45% of the entire amount<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

For more detailed tax rate information, you can visit the government website: https:\/\/www.ato.gov.au\/tax-rates-and-codes\/tax-rates-australian-residents<\/a><\/p>\n\n\n\n

\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014<\/strong><\/p>\n\n\n\n

Australian resident income tax rates 2023-2024<\/strong><\/h2>\n\n\n\n

To provide a more detailed comparison of the differences between individual tax rates for the FY2024 and FY2025 financial years, the detailed individual income tax rates for 2023-2024 are listed below.<\/p>\n\n\n\n

Resident income tax rates 2023\u20132024<\/h3>\n\n\n\n
Taxable income<\/strong><\/td>Tax rate %<\/strong><\/td>Tax payable on this income<\/strong><\/td><\/tr>
0 \u2013 $18,200<\/td>0<\/td>Nil<\/td><\/tr>
$18,201 \u2013 $45,000<\/td>19<\/td>19c for each $1 over $18,200<\/td><\/tr>
$45,001 \u2013 $135,000<\/td>32.5<\/td>$5,092 plus 32.5c for each $1 over $45,000<\/td><\/tr>
$135,001 \u2013 $190,000<\/td>37<\/td>$29,467 plus 37c for each $1 over $120,000<\/td><\/tr>
$190,001 and over<\/td>45<\/td>$51,667 plus 45c for each $1 over $180,000<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

Individual tax rates for non-residents 2023-2024<\/h3>\n\n\n\n
Taxable income<\/strong><\/td>Tax rate %<\/strong><\/td>Tax payable on this income<\/strong><\/td><\/tr>
0 \u2013 $120,000<\/td>32.5<\/td>32.5c for each $1<\/td><\/tr>
$120,001 \u2013 $180,000<\/td>37<\/td>$39,000 plus 37c for each $1 over $120,000<\/td><\/tr>
$180,001 and over<\/td>45<\/td>$61,200 plus 45c for each $1 over $180,000<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

2023-2024 Resident minors\u2019 tax rate on eligible taxable income<\/h3>\n\n\n\n
Taxable income<\/strong><\/td>Tax payable on this income<\/strong><\/td><\/tr>
$0 \u2013 $416<\/td>Nil<\/td><\/tr>
$417 \u2013 $1,307<\/td>Nil plus 66% of the excess over $416<\/td><\/tr>
Over $1,307<\/td>45% of the total amount of the income that is not excepted income<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

2023-2024 Non-Resident minors\u2019 tax rate on eligible taxable income<\/h3>\n\n\n\n
Taxable income<\/strong><\/td>Tax payable on this income<\/strong><\/td><\/tr>
$0 \u2013 $416<\/td>32.5% of the entire amount<\/td><\/tr>
$417 \u2013 $713<\/td>$135.20 plus 66% of the excess over $416<\/td><\/tr>
Over $713<\/td>45% of the entire amount<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

If you’re still uncertain about the amount of tax return you can receive in the 2024 – 2025 financial year, you can use the tax cut calculator provided by the Australian government<\/a> to estimate your tax reduction<\/p>\n\n\n\n

<\/p>\n\n\n\n

Tax Offsets<\/strong><\/h2>\n\n\n\n

Tax Offset refers to a certain amount that taxpayers can directly subtract from their tax liability when calculating the amount of tax they owe. Including: low income tax offset, Senior Australian and Pensioners Tax Offset.<\/p>\n\n\n\n

Tax offsets for individuals<\/h3>\n\n\n\n
Tax offsets for individuals<\/strong><\/td><\/tr>
2024-2025 Low income tax offset<\/strong><\/td><\/tr>
Taxable income<\/td>Tax offsets<\/td><\/tr>
$37,500 or less<\/td>$700<\/td><\/tr>
between $37,501 and $45,000<\/td>$700 – (5% of excess over$37,500)<\/td><\/tr>
between $45,001 and $66,667<\/td>$325 – (1.5% of excess over $45,000)<\/td><\/tr>
$66,668 and above<\/td>Nil<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

2024-25 Senior Australian and Pensioners Tax Offset (SAPTO)<\/h3>\n\n\n\n
Status<\/strong><\/td>Maximum tax offset amount<\/strong><\/td>Shading-out threshold<\/strong><\/td>Cut-out threshold<\/strong><\/td><\/tr>
Single<\/td>$2,230<\/td>$32,279<\/td>$50,119<\/td><\/tr>
Each partner of a couple<\/td>$ 1,602<\/td>$28,974<\/td>$41,790<\/td><\/tr>
Each partner of an illness separated couple<\/td>$2,040<\/td>$31,279<\/td>$47,599<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014<\/p>\n\n\n\n

Corporate tax rates          <\/strong><\/h2>\n\n\n\n

Australia’s Corporate Income Tax is a tax levied on the income of companies and other business entities operating within Australia. This tax applies to various business entities, including companies, partnerships, trusts, and other organizations.<\/p>\n\n\n\n

2023-24 Corporate entity tax rates<\/strong><\/td>Rate<\/strong><\/td><\/tr>
Private and public companies (base rate entities)<\/td>25%<\/td><\/tr>
Private and public companies (other)<\/td>30%<\/td><\/tr>
Public trading trusts (base rate entities)<\/td>25%<\/td><\/tr>
Public trading trusts (other)<\/td>30%<\/td><\/tr>
2023-2024Life Insurance companies<\/strong><\/td><\/tr>
Ordinary class<\/td>30%<\/td><\/tr>
Complying superannuation class<\/td>15%<\/td><\/tr>
2023-2024 Non-profit companies (base rate entities)<\/strong><\/td><\/tr>
Taxable income: $0\u2013$416<\/td>Nil<\/td><\/tr>
Taxable income: $417\u2013$762<\/td>55%<\/td><\/tr>
Taxable income: $763 and above<\/td>25%<\/td><\/tr>
Non-profit companies (other)<\/strong><\/td><\/tr>
First $416 taxable income<\/td>Nil<\/td><\/tr>
Taxable income $417 to $915<\/td>55%<\/td><\/tr>
Taxable income $916 and above<\/td>30%<\/td><\/tr>
<\/td><\/td><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

FBT rates and thresholds <\/h3>\n\n\n\n

FBT is a tax on employee benefits provided by employers<\/p>\n\n\n\n

FBT and gross-up rates<\/strong><\/td><\/tr>
FBT year<\/td>Rate<\/td>Type 1 gross-up rate<\/strong><\/td>Type 2 gross-up rate<\/strong><\/td><\/tr>
2023-2024<\/td>47%<\/td>2.0802<\/td>1.8868<\/td><\/tr>
2022-2023<\/td>47%<\/td>2.0802<\/td>1.8868<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

Car fringe benefits<\/a><\/h3>\n\n\n\n
The statutory fraction is 20%<\/td><\/tr>
Taxable value of a fringe benefit of a motor vehicle other than a car (c\/km basis)<\/strong><\/td><\/tr>
FBT year ending<\/td>0 to 2500cc<\/td>Over 2500cc<\/td>Motor- cycles<\/td><\/tr>
31 March 2025<\/td>66c<\/td>77c<\/td>19c<\/td><\/tr>
31 March 2024<\/td>62c<\/td>73c<\/td>18c<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

Record keeping exemption<\/h3>\n\n\n\n
2023-2024<\/td>$ 9,786<\/td><\/tr>
2022-2023<\/td>$9,181<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

FBT \u2013 Benchmark interest rate<\/h3>\n\n\n\n
Financial Year<\/td>Rate<\/td><\/tr>
2024-2025<\/td>8.77%<\/td><\/tr>
2023-2024<\/td>7.77%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

Car parking threshold<\/h3>\n\n\n\n
2024-2025<\/td>$ 10.77<\/td><\/tr>
2023-2024<\/td>$ 10.40<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

Division 7A \u2013 Benchmark interest rate<\/h3>\n\n\n\n
2024-2025<\/td>8.77%<\/td><\/tr>
2023-2024<\/td>8.27%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

Improvement threshold <\/h3>\n\n\n\n

Improvement Threshold is primarily used in tax calculations for real estate and other fixed assets<\/p>\n\n\n\n

2024-2025<\/td>$182,665<\/td><\/tr>
2023-2024<\/td>$174,465<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

Cents per km car rates<\/h3>\n\n\n\n
2024\u201325<\/td>85 Cents<\/td><\/tr>
2023\u201324<\/td>85 Cents<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

Motor vehicles<\/h3>\n\n\n\n
Motor vehicles <\/td>2024-25<\/td>2023-2024<\/td><\/tr>
Luxury car tax limit<\/td>$ 80,567<\/td>$ 76,950<\/td><\/tr>
Fuel efficient luxury car tax limit<\/td>$ 91,387<\/td>$ 89,332<\/td><\/tr>
Car depreciation limit<\/td>$ 69,674<\/td>$ 68,108<\/td><\/tr>
Maximum input tax credit claim for cars<\/td>$ 6,334<\/td>$6,192<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

___________________________________________________________________<\/p>\n\n\n\n

Medicare <\/strong><\/h2>\n\n\n\n

2023-2024 Medicare levy<\/p>\n\n\n\n

Levy is 2% of an individual\u2019s taxable income.<\/p>\n\n\n\n

2023-24 Medicare levy for families with dependents<\/h3>\n\n\n\n
Number of dependents<\/td>Family taxable income<\/td><\/tr>
Nil levy payable<\/td>Reduced levy shade-in range (10% of excess over nil band)<\/td>Normal 2% payable<\/td><\/tr>
0<\/td>$ 43,846<\/td>$ 43,847-$ 54,807<\/td>$54,808<\/td><\/tr>
1<\/td>$ 47,873<\/td>$ 47,874-$ 59,841<\/td>$ 59,842<\/td><\/tr>
2<\/td>$ 51,900<\/td>$ 51,901-$ 64,875<\/td>$ 64,876<\/td><\/tr>
3<\/td>$ 55,927<\/td>$ 55,928-$ 69,908<\/td>$ 69,909<\/td><\/tr>
4<\/td>$ 59,954<\/td>$ 59,955-$ 74,942<\/td>$ 74,943<\/td><\/tr>
5<\/td>$ 63,981<\/td>$ 63,982-$ 79,976<\/td>$ 79,977<\/td><\/tr>
6<\/td>$ 68,008<\/td>$ 68,009-$ 85,010<\/td>$ 85,011<\/td><\/tr>
Extra Child<\/td>$ 4,027<\/td> <\/td>$ 5,034<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

2024-2025 Medicare levy surcharge<\/h3>\n\n\n\n
Single<\/td>Family<\/td>Rate<\/td><\/tr>
$97,000 or less<\/td>$194,000 or less<\/td>0%<\/td><\/tr>
$97,001 \u2013 $113,000<\/td>$194,001 \u2013 $226,000<\/td>1%<\/td><\/tr>
$113,001 \u2013 $151,000<\/td>$226,001 \u2013 $302,000<\/td>1.25%<\/td><\/tr>
$151,001 or more<\/td>$302,001 or more<\/td>1.5%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

2023-24 Medicare levy reduction threshold<\/h3>\n\n\n\n
Taxable income<\/td>Medicare levy payable<\/td><\/tr>
$0 to $26,000<\/td>Nil<\/td><\/tr>
$26,000 to $32,500<\/td>10% of excess over $26,000<\/td><\/tr>
$32,500 & above<\/td>2% of taxable income<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

2023-24 Medicare levy threshold: Individuals who qualify for the SAPTO<\/h3>\n\n\n\n
Taxable income<\/td>Medicare levy payable<\/td><\/tr>
$0 to $41,089<\/td>Nil<\/td><\/tr>
$41,089 to $51,361<\/td>10% of excess over $51,361<\/td><\/tr>
$51,361& above<\/td>2% of taxable income<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

___________________________________________________________________<\/p>\n\n\n\n

2023-2024 Foreign currency exchange rates<\/strong><\/h2>\n\n\n\n

Foreign currency exchange rates for the financial year ended 30 June 2024<\/p>\n\n\n\n

Country<\/td>Average rate for year ended 31 Dec 23<\/td>Average rate for year ended 30 Jun 24<\/td>Nearest actual exchange rate 31 Dec 23<\/td>Nearest actual exchange rate 30 Jun 24<\/td>Currency<\/td><\/tr>
China<\/td>4.7044<\/td>4.7374<\/td>4.8544<\/td>4.8143<\/td>Renminbi<\/td><\/tr>
Europe<\/td>0.6144<\/td>0.6061<\/td>0.6181<\/td>0.6196<\/td>Euro<\/td><\/tr>
Hong Kong<\/td>5.2013<\/td>5.1259<\/td>5.3448<\/td>5.1711<\/td>Hong Kong dollar<\/td><\/tr>
Japan<\/td>93.3232<\/td>97.7584<\/td>96.7700<\/td>106.6100<\/td>Yen<\/td><\/tr>
Singapore<\/td>0.8922<\/td>0.8839<\/td>0.9014<\/td>0.8997<\/td>Singapore dollar<\/td><\/tr>
New Zealand<\/td>1.0821<\/td>1.0810<\/td>1.0768<\/td>1.0927<\/td>New Zealand dollar<\/td><\/tr>
Malaysian<\/td>3.0297<\/td>3.0783<\/td>3.1416<\/td>3.1272<\/td>Malaysian ringgit<\/td><\/tr>
UK<\/td>0.5345<\/td>0.5206<\/td>0.5366<\/td>0.5244<\/td>Pound sterling<\/td><\/tr>
USA<\/td>0.6644<\/td>0.6556<\/td>0.6840<\/td>0.6624<\/td>US dollar<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n
\u56fd\u5bb6<\/td>\u622a\u81f32023\u5e7412\u670831\u65e5\u7684\u5e74\u5ea6\u5e73\u5747\u6c47\u7387<\/td>\u622a\u81f32024\u5e746\u670830\u65e5\u7684\u5e74\u5ea6\u5e73\u5747\u6c47\u7387<\/td>2023\u5e7412\u670831\u65e5\u7684\u6700\u63a5\u8fd1\u5b9e\u9645\u6c47\u7387<\/td>2024\u5e746\u670830\u65e5\u7684\u6700\u63a5\u8fd1\u5b9e\u9645\u6c47\u7387<\/td>\u8d27\u5e01<\/td><\/tr>
China<\/td>4.7044<\/td>4.7374<\/td>4.8544<\/td>4.8143<\/td>Renminbi<\/td><\/tr>
Europe<\/td>0.6144<\/td>0.6061<\/td>0.6181<\/td>0.6196<\/td>Euro<\/td><\/tr>
Hong Kong<\/td>5.2013<\/td>5.1259<\/td>5.3448<\/td>5.1711<\/td>Hong Kong dollar<\/td><\/tr>
Japan<\/td>93.3232<\/td>97.7584<\/td>96.7700<\/td>106.6100<\/td>Yen<\/td><\/tr>
Singapore<\/td>0.8922<\/td>0.8839<\/td>0.9014<\/td>0.8997<\/td>Singapore dollar<\/td><\/tr>
New Zealand<\/td>1.0821<\/td>1.0810<\/td>1.0768<\/td>1.0927<\/td>New Zealand dollar<\/td><\/tr>
Malaysian <\/td>3.0297<\/td>3.0783<\/td>3.1416<\/td>3.1272<\/td>Malaysian ringgit<\/td><\/tr>
UK<\/td>0.5345<\/td>0.5206<\/td>0.5366<\/td>0.5244<\/td>Pound sterling<\/td><\/tr>
USA<\/strong><\/td>0.6644<\/td>0.6556<\/td>0.6840<\/td>0.6624<\/td>US dollar<\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":1,"featured_media":10849,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1690],"tags":[],"class_list":["post-10851","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-taxation-news","masonry-post","generate-columns","tablet-grid-50","mobile-grid-100","grid-parent","grid-20"],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/mnygroup.com.au\/en\/wp-json\/wp\/v2\/posts\/10851","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mnygroup.com.au\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mnygroup.com.au\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mnygroup.com.au\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/mnygroup.com.au\/en\/wp-json\/wp\/v2\/comments?post=10851"}],"version-history":[{"count":0,"href":"https:\/\/mnygroup.com.au\/en\/wp-json\/wp\/v2\/posts\/10851\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mnygroup.com.au\/en\/wp-json\/wp\/v2\/media\/10849"}],"wp:attachment":[{"href":"https:\/\/mnygroup.com.au\/en\/wp-json\/wp\/v2\/media?parent=10851"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mnygroup.com.au\/en\/wp-json\/wp\/v2\/categories?post=10851"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mnygroup.com.au\/en\/wp-json\/wp\/v2\/tags?post=10851"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}