How does residency affect my tax situation?

Residency

First of all, residents are taxed on their worldwide income and nonresidents are taxed only on their Australian-sourced income.

 

Tax rates 2017-2018 for all nonresidents
Taxable Income Tax Paid on this Income
$0-$87,000 32.5c per $1
$87,001-$180,000 $28,275 plus 37c per $1 over $87,000
$180,001 and over $62,685 plus 45c per $1 over $180,000

 

Tax rates* 2017-2018 for all residents
Income Tax Paid on this Income
$0 – $18,200 Nil tax payable
$18,201 – $37,000 19c per $1 over $18,200
$37,001 – $80,000 $3,572 plus 32.5c per $1 over $37,000
$80,001 – $180,000 $19,822 plus 37c per $1 over $87,000
$180,001 and above $54,232 plus 47c per $1 over $180,000

 

*In addition, these rates include the Temporary Budget Repair Levy, however, they do not include the Medicare Levy.

Read our blog for more details about income tax rates.

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