Tax Rates

Australian Company Tax rates

INCOME YEARAGGREGATED TURNOVERTAX RATE FOR BASE RATETAX RATE FOR ALL OTHER
2017–18$25m27.5%30%
2018–19 to 2019–20$50m27.5%30%
2020–21$50m26.0%30%
2021–22 and future …$50m25.0%30%
Note 1: This includes corporate limited partnerships, strata title bodies corporate, trustees of corporate unit trusts and public trading trusts.

A base rate entity for an income year is a company if:
• the company’s aggregated turnover for that income year is less than the aggregated turnover threshold for that income year, and
• it has 80% or less of their assessable income in that income year that is base rate entity passive income – this replaces the requirement to be carrying on a business from the 2017–18 income year onwards.
• The aggregated turnover threshold for the 2017–18 income year is $25 million. For the 2018–19 income year or each subsequent income year, it is $50 million.

Australian Residents

Tax Rates 2021 – 2022

Taxable incomeTax on this income
0 – $18,200Nil
$18,201 – $45,00019 cents for each $1 over $18,200
$45,001 – $120,000$5,092 plus 32.5 cents for each $1 over $45,000
$120,001 – $180,000$29,467 plus 37 cents for each $1 over $120,000
$180,001 and over$51,667 plus 45 cents for each $1 over $180,000
The above rates do not include the Medicare levy of 2%.

Tax Rates 2020 – 2021

Taxable incomeTax on this income
0 – $18,200Nil
$18,201 – $45,00019 cents for each $1 over $18,200
$45,001 – $120,000$5,092 plus 32.5 cents for each $1 over $45,000
$120,001 – $180,000$29,467 plus 37 cents for each $1 over $120,000
$180,001 and over$51,667 plus 45 cents for each $1 over $180,000
The above rates do not include the Medicare levy of 2%.


Useful Links

Simple tax calculator

Income Tax Estimator