Tax Return:: 2023FY Individual Income Tax Rates
Hello, this is your tax accountant, P&C Tax Professionals.
Today we will be introducing you to the 2023 financial year individual tax rates.
Let’s begin with the resident tax rates. If you are considered a resident for tax purposes in Australia, the following rates will apply to your 2023FY tax return:
Please keep in mind that the rates listed above do not include the 2% Medicare Levy. If you were entitled to Medicare benefits during the financial year, Medicare Levy will be charged in addition to the tax you have to pay on your taxable income.
Next up we have the 2023FY tax rates for foreign residents:
Finally, we have the working holiday maker tax rates as shown below:
These rates will apply to any income you earned as a working holiday maker whether you were:
> A foreign resident or,
> An Australian resident who is not from a non-discriminatory article (NDA) country.
Furthermore, you would be classified as a working holiday maker if you were on either one of the following visa subclasses:
> 417 (Working Holiday)
> 462 (Work and Holiday)
As you can see, in comparison to the 2022FY individual tax rates, there has been no change in terms of the tax rates under all categories. Although the tax rates remain the same as the previous financial year, the low and middle income tax offset (LMITO) is no longer available starting from the 2023FY. As a result, you may notice a decrease in your tax refund amount (or an increase in your tax payable amount) relative to your previous year’s tax refund/payable amount.
As always, if you have any further questions or enquiries, please feel free to contact us through our official Facebook Page (P&C Tax Professionals – Australia) or simply ask us via email (pntax@naver.com).
Thank you and bye for now!