Talking Cents

Income tax rates for the 2017-2018 financial year, by your small business accountants in Melbourne

With tax time around the corner, it is important as a business owner to understand the different tax brackets that your employees would have. So our small business accountants in Melbourne want to remind you about the tax brackets for the 2017 – 2018 financial year.

As business accountants in Melbourne, we know the importance of taking tax out of your employees pay and knowing how much is even more important. Read on to see the different tax brackets that everyone needs to adhere by:

• $0-$18,200 - 0% - Nil
• $18,201- $37,000 - 19% - 19 cents for each $1 over $18,200*
• $37,001-$87,000 - 32.5% - $3,572 plus 32.5 cents for each dollar over $37,000
• $87,001-$180,000 - 37% - $19,822 plus 37 cents for each dollar over $87,000
• $180,001 and above - 45% - $54,232 plus 45 cents for each dollar over $180,000

As accountants for small businesses in Southbank, we deal with a range of different kinds of businesses who come to us for help especially when it comes to their payroll and tax time. To avoid a large amount of debt, bills and fines, it is important to get it right from the start.

If you have any enquiries, please feel free to get in contact with our small business accountants in Melbourne with any enquiries that you may have of you can check out our services here.