Income tax rates for 2017/2018 financial year

Income	Marginal tax rate	Tax payable
$0-$18,200	0%	Nil
$18,201- $37,000	19%	19 cents for each $1 over $18,200*
$37,001-$87,000	32.5%	$3,572 plus 32.5 cents for each dollar over $37,000
$87,001-$180,000	37%	$19,822 plus 37 cents for each dollar over $87,000
$180,001 and above	45%	$54,232 plus 45 cents for each dollar over $180,000

Non-Residents 2017-18-link

Taxable Income	Tax
$0 $87,000	32.5c for each $1
$87,001 $180,000	$28,275 + 37c for each $1 over $87,000
$180,001 and over	$62,685 + 45c for each $1 over $180,000

Working holiday makers income tax rates for 201718-link

Taxable Income	Tax
$0$37,000	15% on each $1 up to $37,000
$37,001$87,000	32.5% on each $1 over $37,000 to $87,000
$87,001$180,000	37% on each $1 over $87,000 to $180,000
$180,001 and over	45% on each $1 over $180,000

LITO

Taxable Income	LITO Formula 2017-18
$0 $37,000	$445
$37,001 $66,667	$445 [(taxable income $37,000) x 1.5%]
$66,667 +	Nil

Medicare levy thresholds for an individual 2018
Category	Lower threshold	Upper threshold	Between $21665 & $27068 ($27068 minus $21665) X 10%) of Taxable Income)	Taxable Income over $27068 (Taxable Income X 2%)	Taxable Income Under $21665
All other taxpayers	$21,665.00	$27,068.00	10%	2%	$0.00

Medicare Levy Surcharge Income Thresholds

For 2014-15, 2015-16, 2016-17, 2017-18, 2018-19, 2019-20 and 2020-21

Singles

Income	Surcharge
$0 $90,000	0%
$90,001 $105,000	1%
$105,001 $140,000	1.25%
$140,001 and over	1.5%

Families

Income	Surcharge
$0 $180,000	0%
$180,001 $210,000	1%
$210,001 $280,000	1.25%
$280,001 and over	1.5%

For families with children, the thresholds are increased by $1,500 for each child after the first. So for example if you have two dependent children the family income threshold increases by $1,500, for 3 children by $3,000.

Fringe Benefit Tax Rates

FBT Type 1 gross-up rate
FBT year	FBT rate	Type 1 gross-up rate
Ending 31 March 2018	47%	2.0802
Ending 31 March 2016 and 31 March 2017	49%	2.1463

Type 2: lower gross-up rate- This rate is used if the benefit provider is not entitled

to claim GST credits.

FBT Type 2 gross-up rate
FBT year	FBT rate	Type 2 gross-up rate
Ending 31 March 2018	47%	1.8868
Ending 31 March 2016 and 31 March 2017	49%	1.9608

Departing Australia superannuation payment (DASP) from July 2017-link

Payment component	DASP ordinary tax rate (for non-WHM)	DASP WHM tax rate
Tax-free component	0%	0%
Taxable component taxed element	35%	65%
Taxable component untaxed element	45%	65%

Part 10 Business Activity Statements (BAS) 1. What are the lodgement dates for BAS? 2. Name the components of BAS. 3. Who can prepare and submit BAS? 4. From the following financial transactions for June quarter 2018, calculate the GST payable or refundable. The business is registered for GST . Sales $274,333 . Purchases $42,888 . Wages $8,777 . Superannuation $834 . Electricity $564 Mortgage payment $1,200 Parking fines $299 Repairs to equipment $329 Purchase of computer $1.299 . Part 10 Business Activity Statements (BAS) 1. What are the lodgement dates for BAS? 2. Name the components of BAS. 3. Who can prepare and submit BAS? 4. From the following financial transactions for June quarter 2018, calculate the GST payable or refundable. The business is registered for GST . Sales $274,333 . Purchases $42,888 . Wages $8,777 . Superannuation $834 . Electricity $564 Mortgage payment $1,200 Parking fines $299 Repairs to equipment $329 Purchase of computer $1.299