Individual Tax Rate Changes

Headlining the recent budget were personal income tax cuts that come into effect on 1st July, 2009. The proposed tax rates and thresholds are as follows:

2008/09 Taxable Income	Tax Rate	2009/10 Taxable Income	Tax Rate
$0 - $6,000	0%	$0 - $6,000	0%
$6,001 - $34,000	15%	$6,001 - $35,000	15%
$34,001 - $80,000	30%	$35,001 - $80,000	30%
$80,001 - $180,000	40%	$80,001 - $180,000	38%
$180,001 +	45%	$180,001 +	45%
Plus Medicare levy 1.5%