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NOTE ==> An additional "Budget repair levy" of 2% applies where a taxpayers income is $180000 or higher.
Note that the above tax rates do not include the Medicare Levy or Medicare Levy Surcharge, with the former increasing from 1.5% to a rate of 2% from 1 July, 2014 to fund the National Disability Care programme.
The general rate of the Medicare levy is now 2% of taxable income, subject to exclusions and reduced levy as per table below:
A benefit of using eZtax, our web based tax return app, is we have the genuine online tools, knowledge and experience to get the best tax refund for our clients, making it easy to complete your annual tax return online.
Our Web Based Tax Return App will step you through all the necessary questions to increase your tax refund and take into account all relevant tax deductions and tax offsets. Try it now. Its FREE to get started!
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For help with increasing your tax refund and preparing your 2015 tax return:
Tax rates for 2015 have changed with the most significant change being the higher tax free threshold of $18200. In reality, the combined changes to income thresholds and to the Low Income Tax Offset results in little change overall to the previous year:
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 45c for each $1 over $180,000
|
NOTE ==> An additional "Budget repair levy" of 2% applies where a taxpayers income is $180000 or higher.
Medicare Levy 2015:
Note that the above tax rates do not include the Medicare Levy or Medicare Levy Surcharge, with the former increasing from 1.5% to a rate of 2% from 1 July, 2014 to fund the National Disability Care programme.
The general rate of the Medicare levy is now 2% of taxable income, subject to exclusions and reduced levy as per table below:
Taxpayer type
|
No Levy if income is less than
|
Single (no dependent children):
|
$20542
|
Couple with combined income or sole parent:
|
|
0 dependents
|
$32279
|
Each additional dependent child
|
$32279 +$ 3156 for each additional dependent
|
Medicare Levy Surcharge 2015:
The general rate of the Medicare levy Surcharge is 1% of taxable income and now varies based on certain income thresholds as per table below:
Unchanged
|
Threshold 1
|
Threshold 2
|
Threshold 3
|
|
Singles
|
$90,000 or less
|
$90,001-105,000
|
$105,001-140,000
|
$140,001 or more
|
Families
|
$180,000 or less
|
$180,001-210,000
|
$210,001-280,000
|
$280,001 or more
|
Rate
|
0.00%
|
1.00%
|
1.25%
|
1.50%
|
HELP Debt 2014-15:
HELP repayment income (HRI*)
|
Repayment rate
|
Below
$53345
|
Nil
|
$53,345 - $59,421
|
4.0%
|
$59,422 - $65,497
|
4.5%
|
$65,498 - $68,939
|
5.0%
|
$68,940 - $74,105
|
5.5%
|
$74,106 - $80,257
|
6.0%
|
$80,258 - $84,481
|
6.5%
|
$84,482 - $92,970
|
7.0%
|
$92,971 - $99,069
|
7.5%
|
$99,070 and above
|
8.0%
|
Student Financial Suplement Scheme (SFSS) Financial Supplement repayment thresholds and rates 2014–15:
Repayment income (RI*) thresholds
|
Repayment rate
|
Below $53,345
|
Nil
|
$53,345 – $65,497
|
2% of
RI
|
$65,498 – $92,970
|
3% of
RI
|
$92,971 and above
|
4% of
RI
|
*RI= Taxable income plus any total net
investment loss (which includes net rental losses), total reportable fringe benefits
amounts, reportable super contributions and exempt foreign employment income.
Low Income Tax Offset:
Low income tax offset has reduced for 2014 along with a change to income thresholds as per the following table:
Income
|
Rebate
Amount
|
Income < 37000
|
445
|
Income > 37000 and < 66668
|
$445 -
[(taxable income - $37,000) x 1.5%]
|
Income > 66667
|
0
|
Senior and Pensioner Tax Offset
Max imum
Rebate Level $*
|
Shade-out
Threshold $
|
Cut-out
Threshold $
|
|
Single
|
2230
|
32279
|
50119
|
Couple (each)
|
1602
|
28974
|
41790
|
Couple (separated due
to illness)
|
2040
|
31279
|
47599
|
* Rebate reduces by
12.5 cents for each $1 of taxable income above the shade-out threshold.
|
|||
Mature Age Tax Offset
As per the announcement in the 2014 Federal Budget, the Mature Age Tax Offset is now abolished and no longer available for 2014-15 onwards.E-tax Return
See these posts with tips, calculators and checklists to help you prepare your eTax Return (and get a better refund) with less hassle:- checklist of eTax and Assessable Income
- checklist of eTax and Allowable Deductions
- eTax Return Checklist
A benefit of using eZtax, our web based tax return app, is we have the genuine online tools, knowledge and experience to get the best tax refund for our clients, making it easy to complete your annual tax return online.
Our Web Based Tax Return App will step you through all the necessary questions to increase your tax refund and take into account all relevant tax deductions and tax offsets. Try it now. Its FREE to get started!