income taxFrom 1 July 2012, the tax-free threshold increased to $18,200, and the low-income tax offset reduced to $445.

A low-income earner’s effective tax-free threshold is now $20,542.

If your taxable income is under the tax-free threshold, there are reasons why they may still need to lodge an income tax return. The most common reason would be that you have pay as you go (PAYG) tax and do require to complete complete a tax return to claim any monies.

Income tax rates 2012-13
Taxable income
0 – $18,200   – Nil
$18,201 – $37,000 – 19c for each $1 over $18,200
$37,001 – $80,000 – $3,572 plus 32.5c for each $1 over $37,000
$80,001 – $180,000 – $17,547 plus 37c for each $1 over $80,000
$180,001 and over – $54,547 plus 45c for each $1 over $180,000

Contact the team at South East Access for more information on your personal income tax return.

South East Access
Upstairs Harbourside Complex
84 Princes Highway, Ulladulla, 2539
Phone: (02) 4454 4444
Fax: (02) 4454 0400
Office hours are 8:30 am to 5:30 pm
admin@southeastaccess.com.au

industry specific tax deductions Tax deductions by Occupation and Industry