The 2017–2018 Federal Budget contained no changes to the personal income tax rates and thresholds.
This means that the 2% budget deficit levy on incomes over $180,000 will not be extended beyond its initial three years, and will cease on 30 June 2017.
The tax rates for foreign residents for 2017–2018 will be the same as those for 2016–2017, except that the top marginal rate will be 45%, reflecting the removal of the 2% temporary budget deficit levy.
The currently legislated low income tax offset (LITO) rates have not changed.
