Tax Rates for Individuals 2014-2015 (Residents)
|Taxable Income (AUD)||Taxation Amount|
|0 – $18,200||Nil|
|$18,201 – $37,000||19c for each $1 over $18,200|
|$37,001 – $80,000||$3,572 plus 32.5c for each $1 over $37,000|
|$80,001 – $180,000||$17,547 plus 37c for each $1 over $80,000|
|$180,001 and over*||$54,547 plus 47c* for each $1 over $180,000|
Note: The above tax brackets table does not include the Medicare levy or Low Income Tax Offset
* Includes Temporary Budget Repair Levy
"As part of the 2014-15 Federal budget the Government announced that it will impose a temporary Budget Repair levy of 2% on that part of a person's taxable income which exceeds $180,000.
The levy will apply from 1 July 2014 and apply to the 2014-15, 2015-16 and 2016-17 financial years. There will be consequential changes for legislation that reference the top marginal tax rate of 45%." Source: Australian Tax Office, https://www.ato.gov.au
Please note that your personal tax refund assessment varies on an individual basis and is calculated by the Australian Tax Office (ATO). Please contact us to prepare your tax return.