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The Rudd Government's third round of tax cuts will take effect from 1 July 2010. The rates for resident individuals are as follows:

Taxable income

Marginal rate*

Tax on this income

$0 – $6,000



$6,001 – $37,000


15c for each $1 over $6,000

$37,001 – $80,000


$4,650 plus 30c for each $1 over $37,000

$80,001 – $180,000


$17,550 plus 37c for each $1 over $80,000

$180,001 and over


$54,550 plus 45c for each $1 over $180,000

*Does not include the Medicare levy of 1.5% of taxable income, subject to low income thresholds and phase-in limits (see below).

From 1 July 2010 the Low Income Tax Offset (LITO) will increase from $1,350 to $1,500. The increase in LITO will allow Australians to earn up to $16,000 and not have to pay income tax.

The amount of income a senior Australian eligible for the Senior Australian Tax Offset (SATO) can earn before they pay income tax or the Medicare Levy will increase from $29,867 to $30,685 for singles, and from $25,680 to $26,680 for each member of a couple.

For more information, see the Treasurer's media release, No 2010/32, 11 May 2010.

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