ATO Tax Rates 2013-2014 Year (Residents)
The 2014 financial year starts on 1 July 2013 and ends on 30 June 2014. The tax free thresholds and brackets for 2014 are unchanged from the previous tax year.
If you are looking for the 2013-2014 PAYG tax instalment tables go here: Tax Tables
Personal Tax Rates 2013-14 (Residents)
|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 45c for each $1 over $180,000|
* The above table does not include Medicare Levy or the effect of any Low Income Tax Offset (“LITO”).
If eligible private health insurance cover is not maintained the Medicare Levy Surcharge adds a further levy of up to 1.5% depending on income.
The effect is that no tax is payable up to an income of $20,542.
For more information and the calculation table see Low Income Tax Offset.
What’s New in 2013-14?
(significant announcements – not exhaustive)
The basic tax scale is the same as the previous year, as is the Low Income Tax Offset. Likewise the medicare levy, and medicare levy surcharge rates are unchanged, however the various income tests are inflation-adjusted each financial year.
- Occupational superannuation guarantee contributions percentage increased to 9.25% with effect from 1 July 2013 – see Superannuation Guarantee
- Superannuation – Low Income Superannuation Contribution (“LISC”) is to be abolished from 1 July 2013 as part of the Mining Tax repeal package of measures – see LISC
- Removal of the upper age limit (employees aged 70 and over) on employer superannuation guarantee contributions from 1 July 2013 – see Super Guarantee age limits
- Superannuation Contribution Cap is lifted to $35,000 for older Australians
- $35,000 unindexed for people aged 59 or more on 30 June 2013 (up from $25,000) with effect from 1 July 2013, and
- $35,000 unindexed for those aged 49 or more on 30 June 2014 from 1 July 2014
- To take advantage, make sure the super fund receives the money before 30 June 2014. For more on this and the caps generally see Contributions Caps
- The superannuation excess contributions rules are somewhat softened with effect from 1 July 2013 by allowing excess concessional contributions to be withdrawn and taxed at the individual’s marginal tax rate plus interest. There’s more information and links here.
- With effect from 1 April 2014 and annually thereafter the private health insurance rebate percentage will adjusted by an inflation factor based on the health insurance policy premium amount. There’s more information about this rebate here.
- For Tax Agents - New Lodgment Program Framework commences with effect from 1 July 2013.
- See also – Federal Budget 2013-14 (from the outgoing Labor Government)
- See also – Mid Year Economic & Fiscal Outlook 2013-14 (from the new Coalition Government elected September 2013)
This page was last modified on 23 April 2014