Tax Rates For 2014-2015 Year (Residents)
The basic tax scale and marginal rates for the 2014-15 financial year have been in place for three financial years, however from 1 July 2014 the top marginal tax rate of 45% for incomes over $180,000 has the 2% Temporary Budget Repair Levy added to it (for 3 years from 1 July 2014).
Additionally in 2014-15, the basic medicare levy percentage rate has been increased by 0.5% (to 2%).
The 2014-15 financial year starts on 1 July 2014 and ends on 30 June 2015. The financial year for tax purposes for individuals starts on 1st July and ends on 30 June of the following year.
Personal Tax Rates 2014-15
** (including the Temporary Budget Repair Levy)
|Taxable income||Tax on this income*|
|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|
*The above table does not include Medicare Levy or the effect of any Low Income Tax Offset (“LITO”).
Medicare Levy is applied on a progressive basis at the additional rate of 2.0% plus the Medicare Levy Surcharge if eligible private health insurance cover is not maintained. There are low income and other full or partial Medicare exemptions available.
The Low Income Tax Offset (“LITO”) full amount is $445 reducing by 1.5 cents in the dollar, for every dollar of taxable income over $37,000 such that it cuts out at $66,667. The effect is that no tax is payable up to an income of $20,542.
Fur further information please contact CKM Partners.