The Financial Year of Australia is counted from the 1st of July of the previous year to 30th of June of the current calendar year. The Australian Income Tax Office (ATO) is the governing body of Australia which lays the Australia Income Tax rates and other Income Tax provisions in Australia.
The annual budget of Australia known as the federal budget of Australia influences the Income Tax slabs in Australia, which tentatively changes in almost every financial year. In accordance with the latest budget issued by the Australian government, the ATO has drafted the following Income Tax Slabs for resident individuals working in Australia.
Australia is among the few countries that have multiple tax slabs for different classes of working individuals, who are permanent residents of Australia or Australia PR visa holders, foreign citizens working in Australia and individuals working in Australia having an Australia work permit.
The different Income tax slabs in Australia for different working professionals are as follows:-
Permanent residents of Australia or Australia PR visa holders:
Apart from the above specified Income Tax slabs, the Australia PR visa holders and permanent residents of Australia are required to pay a medical levy of 2% on their total income.
Foreign citizens working in Australia for the assessment year 2018-2019:
Apart from the above specified Income Tax Slabs, the foreign citizens working in Australia are not required to pay the medical levy of 2% as per Australian Income Tax Law.
To know more about the Australia Income Tax slabs in future click Here
To know whether you are liable to pay Australia Income Tax click Here
To know how to save Australia income tax click Here
To know the tax implications, if you are a foreign citizen click Here