Document ID: chunk:federal_register_of_legislation:C2024C00381:schedule:7
Version: federal_register_of_legislation:C2024C00381
Segment Type: schedule
Provision Reference: sch 7
Character Range: 54040–54794

Schedule 7—General rates of tax
Subsection 12(1)

Part I—Resident taxpayers

 1. Subject to clauses 2, 3 and 4, the rates of tax on the taxable income of a resident taxpayer are as follows:
 (a) 45% for the superannuation remainder (if any) of the taxable income;
 (aa) 45% for the employment termination remainder (if any) of the taxable income;
 (b) for each part of the ordinary taxable income specified in the table applicable to the year of income—the rate applicable under that table.

Tax rates for resident taxpayers for the 2024‑25 year of income or a later year of income
Item                                                                                       For the part of the ordinary taxable income of the taxpayer that:  The rate is: