TAX UPDATES IN DEFINITIV.
The 2018/19 tax updates to be added over the weekend, relate to the following;
- Federal Budget tax cuts
- Budget Savings (Omnibus) Bill 2016
Below is an outline of all the tax scales to be added to Definitiv.
2018/19 Resident Income Tax Rates*
*The above rates do not include the Medicare levy of 2%.
2018/19 Foreign Resident Income Tax Rates
2018/19 Working Holiday Maker Tax Rates
2018/19 HELP/SSL/TSL Component Rates
2018/19 SFSS Component Rates
WHAT WON’T BE ADDED TO DEFINITIV?
Further changes to reduce the minimum repayment rates and thresholds, and to add additional rates and thresholds at the higher end, were introduced in Parliament on 14 February 2018. This Student Loan “Sustainability Bill” did not pass. The Sustainability Bill is due to be re-introduced into Parliament in late June which may result in the rates and thresholds changing again for 2018-19.
Although we have not added these new repayment rates and thresholds, we have made preparations for them in case they are passed. We will update you accordingly once we have more information.