Payroll Blog

Changes to Tax Rates 2012/13

From July 2012 the following changes will apply:

The Flood levy imposed to help pay for damages caused by the Queensland floods will cease.

The 2012/13 Tax rates will vary considerably with the Tax free threshold increasing from $6000 to $18200 and all subsequent brackets are also changing, please see here for the updated rates.

There have also been changes to the Medicare Levy and Medicare Levy Surcharge Thresholds which raise the low income threshold and phase in limits to ensure individuals who do not have to pay income tax also do not have Medicare Levy.

Leave Loading is no longer a separate withholding scale for payees who are entitled to leave loading.  If leave loading is paid on a pro-rata basis with wages it is added to the earnings for the period and taxed accordingly.

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