Tax and super guide

Check our tax and super guide for the latest rates, rules and limits that apply to residents and non-residents.

Personal Income Tax Rates - Residents
Taxable Income	2024-25(%)
$0 to $18,200	Nil
$18,201 to $45,000	16
$45,001 to $135,000	30
$135,001 to $190,000	37
Over $190,000	45
The above rates do not include the Medicare levy of 2%. The LITO and LMITO tax offsets can further lower your income tax if you earn less than $126,000 per annum.

Personal Income Tax Rates - Non-residents
Taxable Income	2024-25(%)
$0 to $135,000	30
$135,001 to $190,000	37
Over $190,000	45

Personal Income Tax Rates - Minors
Taxable Income	2024-25(%)
$0 to $416	Nil
$417 to $1,307	66
Over $1,307 *	45
* Excludes exempted income such as employment income and Medicare Levy

Minimum Pension Drawdown Percentages
Age	2024-25 (%)
Under 65	4
65 - 74	5
75 - 79	6
80 - 84	7
85 - 89	9
90 - 94	11
95 and over	14

Maximum Superannuation Contribution Base
Financial Year	2024-25
Rate	11.5%
Maximum Quarterly Contribution Base	$65,070 ($260,280 per annum)

Superannuation Contribution Limits 2024-25
Concessional
Under 75	$30,000
Non-Concessional
Under 75 and total super balance < $1.66 million	$120,000 or $360,000 using 'bring forward' rules
Under 75 and total super balance > $1.66 million but < $1.78 million	$120,000 or $240,000 using 'bring forward' rule
Under 75 and total super balance > $1.78 million but < $1.9 million	$120,000
Under 75 and total super balance > $1.9 million	Nil

Capital Gains Tax (CGT) Cap
Financial Year	Amount of Cap
2024-25	$1.780 million

Superannuation Co-contribution Income Thresholds
Financial Year	Lower income threshold	Upper income threshold
2024-25	$45,400	$60,400
To receive a government co-contribution you must: (i) have made one or more eligible personal super contributions to your super account during the financial year; (ii) pass the income threshold test and 10% eligible income test; (iii) be less than 71 years old at the end of the relevant financial year; (iv) not hold a temporary visa at any time during the financial year unless you are a New Zealand citizen or it was a prescribed visa; (v) lodge your tax return for the relevant financial year; (vi) have a total superannuation balance that is less than the transfer balance cap ($1.6 million for the 2017-18); (vii) not have contributed more than your non-concessional contributions cap.

Determining your preservation age
Date of birth	Preservation age
Before 1 July 1960	55
1 July 1960 - 30 June 1961	56
1 July 1961 - 30 June 1962	57
1 July 1962 - 30 June 1963	58
1 July 1963 - 30 June 1964	59
After 1 July 1964	60

Conditions of Release & Cashing Restrictions
Condition of Release	Cashing Restrictions
Retirement	Nil
Attaining preservation age	Any of the following: (i) transition to retirement pension, (ii) non-commutable pension, or (iii) non-commutable annuity.
Attaining age 65	Nil
Death	Nil
Terminal medical condition	Nil
Permanent Incapacity	Nil
Temporary incapacity	Must be a non-commutable income stream for continuing the gain or reward the person was receiving previously and not exceed the period of incapacity.
Preserved super benefit worth less than $200	Nil
Temporary resident leaving Australia permanently	Withdrawal benefit can be paid as either (i) a single lump sum, or (ii) a transfer, rollover or contribution that ensures the amount is cashed.
Severe financial hardship	Assuming the financial hardship tests are met, the person may take a single lump sum payment of between $1,000 and $10,000 every 12 months.
Compassionate grounds	Taking into account the person's financial capacity, a single lump sum that (i) is reasonably required, and (ii) does not exceed 3 months' loan repayments or 12 months interest on the outstanding loan balance.
Termination of gainful employment	For preserved benefits: non-commutable lifetime pension or annuity. For restricted non-preserved benefits: Nil

Age Pension Asset Test Thresholds
	Homeowner		Non-Homeowner
	Full Pension	Pension cut out	Full Pension	Pension cut out
Single	$314,000	$686,250	$566,000	$938,250
Couple	$470,000	$1,031,000	$722,000	$1,283,000
Notes: Pension reduced by $78 per annum per $1,000 over full pension threshold. Full pension thresholds are indexed each 1 July in line with the CPI. The upper asset test thresholds are increased from 20 September and 20 March each year. The lower asset test thresholds are increased from 1 July each year.

Land Tax (Victoria)
General Rates
Taxable value of land holding	Land Tax payable
$0 - $50,000	Nil
$50,000 - $99,999	$500
$100,000 - $299,999	$975
$300,000 - $599,999	$1,350 + 0.3% on excess over $300,000
$600,000 - $999,999	$2,250 + 0.6% on excess over $600,000
$1,000,000 - $1,799,999	$4,650 + 0.9% on excess over $1,000,000
$1,800,000 - $2,999,999	$11,850 + 1.65% on excess over $1,800,000
$3,000,000+	$31,975 + 2.65% on excess over $3,000,000
Surcharge Rates for Trusts
Taxable value of land holding	Land Tax payable
$0 - $24,999	Nil
$25,000 - $49,999	$82 + 0.375% on excess over $50,000
$50,000 - $99,999	$676 + 0.375% on excess over $100,000
$100,000 - $249,999	$1,338 + 0.375% on excess over $25,000
$250,000 - $599,999	$1,901 + 0.675% on excess over $250,000
$600,000 - $999,999	$4,263 + 0.975% on excess over $600,000
$1,000,000 - $1,799,999	$8,163 + 1.275% on excess over $1,000,000
$1,800,000 - $2,999,999	$18,363 + 1.1072% on excess over $1,800,000
$3,000,000+	$31,650 + 2.65% on excess over $3,000,000