Finances of the British royal family are not subject to legislation concerning income tax, capital gains tax or inheritance tax. Furthermore, the Sovereign has no legal liability to pay such taxes. The Duchy of Cornwall has a Crown exemption and the Prince of Wales is not legally liable to pay income tax on Duchy revenues. A "Memorandum of Understanding on Royal Taxation" was published on 5 February 1993 and amended in 1996, 2009 and 2013. It is intended that the arrangements in the memorandum will be followed by the next monarch. The memorandum describes the arrangements by which The Queen and The Prince of Wales make
Income tax in Australia changes took effect from 1 July 2016. The temporary budget repair levy, which was introduced by the Liberal–National coalition Government under Prime Minister Abbott in financial year 2014/15 and payable at a rate of 2% for incomes over $180,000, ceased to apply on 1 July 2017. In Australia, income tax on personal income is a progressive tax. The rates for resident individual taxpayers is different to non-resident taxpayers (see below). The current tax-free threshold for resident individuals is $18,200, and the highest marginal rate for individuals is 45%. In addition, most Australians are liable to pay the Medicare levy, of