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Personal income tax rates

Taxable income	Tax payable* (residents)	Tax payable (non – residents)¹
Up to $18,200	Nil	32.5%
$18,201 - $37,000	Nil + 19%
$37,001 - $90,000	$3,572 + 32.5%
$90,001 - $180,000	$20,797 + 37%	$29,250 + 37%
Above $180,000	$54,097 + 45%	$62,250 + 45%
* Plus Medicare levy ¹ For working holiday makers, 15% tax applies to the first $37,000 of income until 30 June 2022 (increasing to $41,000 from 1 July 2022), with normal rates and threshold applying thereafter.

Future tax rates

Taxable income	Tax payable* (residents)	Tax payable (non – residents)¹
Up to $18,200	Nil	32.5%
$18,201 - $41,000	Nil + 19%
$41,001 - $120,000	$4,332 + 32.5%
$120,001 - $180,000	$30,007 + 37%	$39,000 + 37%
Above $180,000	$52,207 + 45%	$61,200 + 45%
* Plus Medicare levy ¹ Non-resident tax rates apply to working holiday makers. However, the first $37,000 of income is taxed at 15% until 30 June 2022 (increasing to $41,000 from 1 July 2022), with non-resident rates and thresholds applying thereafter.

Age/Service pension ages

Date of birth from	To	Qualification age
	31 December 1953	Already Qualified
1 January 1954	30 June 1955	66.0	66.0
1 July 1955	31 December 1956	66.5	66.5
1 January 1957 or later		67.0	67.0

Age Pension

Maximum pension payment rates

20 March 2020 – 19 September 2020

Date of birth	Pension rate (includes pension supplement and energy supplement¹)
Single	$24,551.80 pa ($944.30 per fortnight)
Couple	Combined $37,013.60 pa ($711.80 each per fortnight)
Indexation	indexed by greater of CPI and pensioner and Beneficiary Living Cost Index on 20 March and 20 September each year. single pension rate subject to a minimum of 27.7% of Male Total Average Weekly Earnings.
¹ Due to Covid-19, the Government has announced it will provide two separate support payments of $750 each to eligible social security, veterans and other income support recipients. The first payment will be made to those who were receving benefits any time between 12 March 2020 and 13 April 2020. The second payment will be made to those in receipt of benefits on 10 July 2020.

Asset test thresholds

Income test thresholds

	Full Pension	Pension cut off
Single	$4,524 pa	$52,686.40 pa
Couples	$8,008 pa	$80,610.40 pa
Reduction rate	Pension reduced by $0.50 (singles) and $0.25 (each member of a couple) per $1.00 of income over full pension threshold.
Indexation	full pension thresholds are indexed each 1 July in line with CPI. Cut out thresholds applicable 1 July 2019 to 30 June 2020. Adjusted 20 March, 1 July and 20 September.

Non-Homeowner

	Full Pension	Pension cut off
Single	$473,750	$785,000
Couples	$605,000	$1,074,000
Reduction rate	Pension reduced by $78 pa per $1,000 of assets over full pension thresholds.
Indexation	full pension thresholds are indexed each 1 July in line with CPI. cut out thresholds applicable 1 July 2019 to 30 June 2020. Adjusted 20 March, 1 July and 20 September.

1 July 2019 – 30 June 2020

Homeowner

	Full Pension	Pension cut off
Single	$263,250	$574,500
Couples	$394,500	$863,500
Reduction rate	Pension reduced by $78 pa per $1,000 of assets over full pension thresholds.
Indexation	full pension thresholds are indexed each 1 July in line with CPI. cut out thresholds applicable 20 March, 1 July and 20 September.

Account based pensions

Preservation age

Date of birth from	To	Preservation age
	30 June 1960	55
1 July 1960	30 June 1961	56
1 July 1961	30 June 1962	57
1 July 1962	30 June 1963	58
1 July 1963	30 June 1964	59
1 July 1964 and later		60

Minimum percentage factors¹

Age	2018/19, 2019/20
Under 65	4.00%
65 – 74	5.00%
75 – 79	6.00%
80 – 84	7.00%
85 – 89	9.00%
90 – 94	11.00%
95 and over	14.00%
¹ Multiple factor by 1 July account balance – see table below for pension commencement/communtation year pro-rating.

Feature	Description
Minimum payment in commencement year	Pension commenced prior to 1 June: pro-rate minimum by number of days in financial year that includes and follows the pension commencement day. Pension commencement from 1 June to 30 June: no minimum pension required.
Minimum payment in commutation year	Pro-rate minimum by number of days income stream payable in financial year up to commutation date. Pre-commutation minimum payment not required if: commutation is a partial commutation and remaining account balance is sufficient to meet annual minimum payment, or commutation results from death, family law split, surcharge payment or exercise of right under financial product cooling-off period.
Maximum payments	No maximum, except for transition to retirement pensions.

Feature

Description

Minimum payment in commencement year

Pension commenced prior to 1 June:

pro-rate minimum by number of days in financial year that includes and follows the pension commencement day.

Pension commencement from 1 June to 30 June:

no minimum pension required.

Minimum payment in commutation year

Pro-rate minimum by number of days income stream payable in financial year up to commutation date.

Pre-commutation minimum payment not required if:

commutation is a partial commutation and remaining account balance is sufficient to meet annual minimum payment, or
commutation results from death, family law split, surcharge payment or exercise of right under financial product cooling-off period.

Maximum payments

No maximum, except for transition to retirement pensions.

Tools and Calculators

Australian Tax Office Calculators

Money Smart Calculators

Macquarie Home Loan Calculators

Australian Department of Human Resources

MyGov

ATO Lost Super

Personal Income and Future Tax Rates