In Australia, federal income tax is levied on individuals and businesses based on the income they earn over a financial year. The tax is determined using a progressive taxation system, meaning that the tax rate increases as the taxable income increases.
Below are the tax brackets in Australia:
0% for taxable incomes of $18,200 or less
19% for taxable incomes from $18,201 to $45,000
32.5% for taxable incomes from $45,001 to $120,000
37% for taxable incomes from $120,001 to $180,000
45% for taxable incomes over $180,000
In addition to income tax, individuals may also be required to pay the Medicare Levy, which funds the public health system. Read more about Australia tax rate.