Cocos Islands Tax Tables 2024 - Tax Rates and Thresholds in Cocos Islands
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This page contains the tax table information used for the calculation of tax and payroll deductions in Cocos Islands in 2024. These tax tables are used for the tax and payroll calculators published on iCalculator™ CC, 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 Cocos Islands or would like to add to or suggest amendments to the information herein then please contact us.
2024 Tax Tables [Quick Links]
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Cocos Islands Personal Income Tax Tables in 2024
The Income tax rates and personal allowances in Cocos Islands 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 Cocos Islands Tax Calculator 2024.
Cocos Islands Residents Income Tax Tables in 2024
Personal Income Tax Rates and Thresholds (Annual)| Tax Rate | Taxable Income Threshold |
|---|
| 0% | Income from $ 0.000.00 | to | $ 18,200.00 |
| 19% | Income from $ 18,200.01 | to | $ 45,000.00 |
| 30% | Income from $ 45,000.01 | to | $ 200,000.00 |
| 45% | Income from $ 200,000.01 | | and above |
Cocos Islands Non-residents Income Tax Tables in 2024
Personal Income Tax Rates and Thresholds (Annual)| Tax Rate | Taxable Income Threshold |
|---|
| 30% | Income from $ 0.000.00 | to | $ 200,000.00 |
| 45% | Income from $ 200,000.01 | | and above |
Cocos Islands Social Security and Payroll Deduction Rates in 2024
In the Cocos (Keeling) Islands, as a territory of Australia, the social security and payroll deduction system is aligned with the Australian framework. Both employees and employers contribute to various funds designed to provide social benefits and security.
Cocos Islands Social Security in 2024: Rates for Employers and Employees| Category | Employee | Employer | Total |
|---|
| Medicare Levy | 2% | 0% | 2% |
| Superannuation Guarantee | 0% | 11.5% | 11.5% |
Cocos Islands Social Security and Payroll Deduction in 2024: Earnings Thresholds for Employers and Employees| Category | Employee | Employer |
|---|
| Min. | Max. | Min. | Max. |
|---|
| Medicare Levy | $ 24,276.00 | n/a | n/a | n/a |
| Superannuation Guarantee | n/a | n/a | n/a | n/a |
Superannuation Contributions
The most significant payroll deduction is for superannuation, which is Australia's mandatory retirement savings system. Employers contribute a set percentage of an employee’s earnings to a superannuation fund. These contributions help ensure that individuals have a retirement income.
Medicare Levy and Health Insurance
Another important deduction is the Medicare levy, which funds Australia’s public healthcare system. This levy ensures access to healthcare services for all Australian citizens, permanent residents, and eligible overseas visitors, including residents of the Cocos Islands.
Income Tax
Employees in the Cocos Islands are also subject to income tax deductions from their salary. This tax contributes to the Australian government’s revenue and is used to fund various public services and infrastructure projects.
Other Deductions
Additional deductions may include payments for specific insurance policies and contributions to voluntary retirement savings plans, offering additional financial security beyond the superannuation system.
The social security and payroll deduction system in the Cocos Islands, mirroring that of Australia, plays a crucial role in providing financial security and healthcare benefits to the workforce and their families.
Cocos Islands VAT Rates in 2024
VAT rates for Cocos Islands are reviewed annually, you can use the VAT Calculator to calculate VAT due in Cocos Islands or use the Reverse VAT Calculator to calculate the net cost of goods/services after deducting VAT.
Cocos Islands VAT Rates| VAT Rate | VAT Description |
|---|
| 0% | Reduced |
| 10% | Standard Rate |
Historic Tax Tables supported for Cocos Islands
The following tax tables are supported by iCalculator™ CC as part of the suite of free tax tools we provide for Cocos Islands.