Norfolk Island Tax Tables 2024 - Tax Rates and Thresholds in Norfolk Island

This page contains the tax table information used for the calculation of tax and payroll deductions in Norfolk Island in 2024. These tax tables are used for the tax and payroll calculators published on iCalculator™ NF, these tools are provided for your free use on our website. If you would like additional tax table information added to the tax calculators for Norfolk Island or would like to add to or suggest amendments to the information herein then please contact us.

Norfolk Island Personal Income Tax Tables in 2024

The Income tax rates and personal allowances in Norfolk Island are updated annually with new tax tables published for Resident and Non-resident taxpayers. The Tax tables below include the tax rates, thresholds and allowances included in the Norfolk Island Tax Calculator 2024.

Low Income Tax Offset in 2024

You may be eligible for a tax offset in 2024 if you are a low-income earner and you are an Australian resident for income tax purposes. If your taxable income is less than $ 66,667.00, you will get the low income tax offset. The maximum tax offset of $ 700.00 applies if your taxable income is $ 37,000.00 or less. This amount is reduced by $ 1.50 cents for each dollar over $ 37,000.00.

In alignment with Australian tax laws, social security deductions on Norfolk Island, such as superannuation contributions made by employers, are generally not deductible from an employee's taxable income. However, individuals can claim deductions for personal superannuation contributions under certain conditions. It's important to note that while employer contributions do not reduce an employee's taxable income directly, they represent a form of pre-tax income saving for retirement, contributing to long-term financial security.

Norfolk Island Social Security Rates in 2024

With Norfolk Island integrating more closely with Australian tax and social security systems, employees and employers on the island are subject to similar payroll deductions and social security contributions as those in mainland Australia. These contributions fund various benefits and services, ensuring support and protection for the workforce and their families. This guide explores the types of social security and payroll deductions applicable on Norfolk Island and what each contribution funds.

Superannuation Contributions: One of the primary payroll deductions for employees is the superannuation or pension fund contribution. Employers are required to contribute a percentage of an employee's earnings to a superannuation fund, which serves as a retirement savings plan. This ensures that employees have a source of income upon retiring, contributing to their financial security in later years.

Medicare and Health Insurance: While Norfolk Island residents have access to healthcare services, contributions to Medicare (Australia's public healthcare system) may also be applicable, offering residents coverage for many health-related services and treatments on the mainland. This ensures that individuals have access to comprehensive healthcare services, including hospital treatments and subsidized medicines.

Income Tax: Employees on Norfolk Island are subject to income tax deductions from their wages, similar to Australian mainland rates. This tax contributes to the federal budget, funding public services and infrastructure, including education, healthcare, and social security benefits.

Unemployment and Disability Insurance: Contributions towards unemployment and disability insurance provide financial assistance to those unable to work due to disability or those temporarily out of work. These benefits ensure individuals have support during challenging times, contributing to their well-being and economic stability.

Family and Parental Support: Deductions also contribute to family and parental support services, including child care benefits, family tax benefits, and parental leave pay. These programs are designed to assist families in managing the costs associated with raising children, promoting the well-being and development of children across the community.

Workers' Compensation: Employers are required to contribute to workers' compensation insurance, which provides protection to employees in case of work-related injuries or illnesses. This insurance covers medical expenses and lost wages for employees injured on the job, ensuring they receive necessary care and support during recovery.

In summary, social security and payroll deductions on Norfolk Island are designed to provide a comprehensive safety net for employees and their families, similar to the system in place on the Australian mainland. These contributions fund a wide range of benefits and services, from retirement savings and healthcare to family support and workers' compensation, reflecting a commitment to the welfare and security of the community. As Norfolk Island continues to integrate with Australian systems, these contributions play a vital role in ensuring residents have access to essential services and support.

Norfolk Island GST Rates in Norfolk Island

GST rates for Norfolk Island are reviewed annually, you can use the GST Calculator to calculate GST due in Norfolk Island or use the Reverse GST Calculator to calculate the net cost of goods/services after deducting GST.

Historic Tax Tables supported for Norfolk Island

The following tax tables are supported by iCalculator™ NF as part of the suite of free tax tools we provide for Norfolk Island.