ATO Tax Rates 2014-2015 Year (Residents)
The 2015 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.
The ATO Personal Tax rates for the 2014-2015 financial year ending on 30 June are as follows:
Tax rates 2014-15 (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”).
Medicare Levy is applied on a progressive basis at the additional rate of
1.5% 2.0%**, or 2.5% if eligible private health insurance cover is not maintained. There are low income and other full or partial Medicare exemptions available. A Medicare Levy Surcharge may also be applicable.
The Low Income Tax Offset (“LITO”) full amount is $445 reducing by 1.5 cents in the dollar, for every dollar of 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. The LITO calculation table is here.
Tax changes for 2014-15
(significant announcements – not exhaustive)
- ** On 1 May 2013 The Prime Minister announced an increase in the Medicare Levy by 0.5% to apply from 1 July 2014
- Higher super fund earnings to be taxed from 1 July 2014 – see Superannuation changes announced 5 April 2013
- The Work-related expenses self-education deduction is proposed to be capped at $2,000 from 1 July 2014 see Work Related Self Education Expenses