2012 Tax Rates and Tables

You will also find tips, calculators and checklists to help you prepare your eTax Return (and get a better refund) right here - summary of e-tax and Assessable income and checklist of E-tax and Allowable Deductions.

Tax Tables and other Relevant Information 2011-12

For many years tax rates and tables were fairly easy to obtain, either from the ATO's TaxPack or other publications that were easy to find. The TaxPack contained a myriad of tables. Since 2009 these tables are no longer so easy to find since the tax office decided to stop publishing them in the TaxPack. Instead, people searching for tax rates and tables now need to either subscribe to costly tax related journals or go online.

That’s where the fun begins. Don’t get me wrong. I think the ATO’s web site contains a lots of up-to-date information – but try navigating around it! So here are some common tables to get you through. Below are most tax rates and tables for 2011-12:


 Tax Rates 2011-12

Taxable income	Tax on this income
0 - $6,000	Nil
$6,001 - $37,000	15c for each $1 over $6,000
$37,001 - $80,000	$4,650 plus 30c for each $1 over $37,000
$80,001 - $180,000	$17,550 plus 37c for each $1 over $80,000
$180,001 and over	$54,550 plus 45c for each $1 over $180,000

  
Medicare Levy 2012:

The general rate of the Medicare levy is 1.5% of taxable income, subject to exclusions and reduced levy as per table below:

Taxpayer type	No Levy if income is less than
Single (no dependent children):	$18,839
Couple with combined income or sole parent:
0 dependents	$31,789
Each additional dependent child	$31,789 +$ 2,919 for each additional dependent

Medicare Levy Surcharge 2012:

The general rate of the Medicare levy Surcharge is 1% of taxable income, subject to exclusions as per table below:

Taxpayer type	No Levy if income is less than
Single or couple with full year Hospital Cover	Exempt
Single (no dependent children):	$80,000
Couple with combined income (no children)	$160,000
Couple or single parent with dependent children	$160,000 + $1,500 each child

   
Flood Levy (2011-12 only):

A temporary flood levy will apply to both resident and non-resident individuals for the 2011-2012 income year only.

Taxable Income	Flood Levy Rate
$0-$50,000	0.0%
$50,001-$100,000	0.5% for each $ 1 over $50,000
100000 and over	$250 + 1.0% for each $1 over $100,000

Note: Exemptions apply to certain individuals in receipt of an Australian Government Disaster Recovery Payment for a flood event or individuals who were affected by an event that occurred during 2010-11 and that was declared as a natural disaster under the Natural Disaster Relief and Recovery Arrangements.

Help Repayment Thresholds and Rates 2011-12

HELP repayment income (HRI*)	Repayment rate
Below $47,196	Nil
$47,196-$52,572	4% of HRI
$52,573-$57,947	4.5% of HRI
$57,948-$60,993	5% of HRI
$60,994-$65,563	5.5% of HRI
$65,564-$71,006	6% of HRI
$71,007-$74,743	6.5% of HRI
$74,744-$82,253	7% of HRI
$82,254-$87,649	7.5% of HRI
$87,650 and above	8% of HRI

 
SFSS Repayment Rates and Thresholds 2011-12

Repayment income (RI*) thresholds	Repayment rate
Below $47,196	Nil
$47,196-$57,947	2% of RI
$57,948-$82,253	3% of RI
$82,254 and above	4% of RI

   
The School Kids Bonus in a Nutshell 2012:

• $410 for primary school children.
• $820 for high school children.
• No receipts of school expenses needed.
• No paperwork required.
• Families on Family Tax Benefit A are eligible.
• First payment could be made mid-June.

Just like the Education Tax Refund, the Schoolkids Bonus will be available to families receiving Family Tax Benefit Part A plus young people in school receiving Youth Allowance and some other income support and veterans’ payments. About a million families, who qualify for Family Tax Benefit A, will be eligible for the payments, only offered to families earning less than $101,000 if they have one primary-school-aged child, rising to $123,000 for families with two teenagers. As part of the transition to the new Schoolkids Bonus, the Education Tax Refund for 2011-12 will be paid out in full to all eligible families as a lump sum payment in June. This means families will receive their full Education Tax Refund entitlement ahead of tax time – so parents won’t have to worry about keeping receipts or making claims when they do their tax this year. Because the payment is automatic and upfront, it means:

• Parents don’t need to keep receipts for months and months – it’s a guaranteed payment.
• Parents will receive the full amount every time, so families won’t miss out if they lose receipts.
• Parents don’t have to pay out of their own pocket, then wait months to get paid back - the payment will be paid upfront, twice a year, before the start of Term 1 and Term 3.
• No paperwork is required.

For additional information on the "transitional" ETR Payment for June 2012, see this post: details of "transitional" ETR Payment  

For help with your eTax return see our eTax Return Checklist.

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