For the 2017/2018 tax year, there will be no changes made to the personal tax rates or thresholds following the finalisation of the federal budget.
The three-year-long temporary budget repair levy, also known as the TBRL; which has been set at 2% for those who have an income of $180k or above has officially ended effective as of 30thJune 2017.
What’s New For 2017?
If you were on a 417 or 462 working holiday visa and you earned money between January 1st 2017-30thJune 2017, then the initial $37k of your working holiday maker net income will be taxed at a rate of 15%.
Changes to reportable fringe benefits will be included within your adjustable taxable income allowance for your income support and family assistance payments. However, thee changes will not impact your income tax liabilities.
Amounts You Do Not Need to Pay Tax on in 2017
There are certain monies you might receive which do not actually need to be counted in your income bracket on your tax return. There are grouped into three different categories.
For instance, a superannuation lump sum payment*, genuine redundancy payments, national rental affordability scheme payments. Please check the link for specific instructions.
For instance, a Career Adjustment Payment (CAP), Double Orphan Pension, Partner Service Pension*, Disability Support Pension*, Carer Payments*. Please check the link for specific instructions.
For instance, child support and spouse maintenance payments.
If you are unsure about any element of exempt and non-exempt income, it is always best to check the latest guidelines on the ATO website directly or speak with a registered tax agent.