Tax Rates 2015-2016 Year (Residents)
The 2016 financial year starts on 1 July 2015 and ends on 30 June 2016. The financial year for tax purposes for individuals starts on 1st July and ends on 30 June of the following year.
Personal Tax Rates 2015-16
|Taxable Income||Tax On This Income|
|0 to $18,200||Nil|
|$18,201 to $37,000||19c for each $1 over $18,200|
|$37,001 to $80,000||$3,572 plus 32.5c for each $1 over $37,000|
|$80,001 to $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 tables do not include Medicare Levy or the effect of any Low Income Tax Offset (“LITO”). Medicare Levy is applied on a progressive basis 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.
For tables of the tax formula coefficients used in tax withholding calculations for 2015-16 – go to foot of the table here
What’s New in 2015-16
- The Etax software program has been retired and is no longer available for download. For online tax return lodgement for individuals and sole traders, the MyTax 2016 web-based application has been expanded and updated. See more info here.
- The Family Tax Benefit Part B primary earner income limit is reduced to $100,000, and the Part A large family supplement will be limited to families with four or more children. These (and other social security measures) take effect from 1 July 2015. For further on FTB see : Family Tax Benefits
- from 1 July 2015 the “preservation age” – the minimum age for normal access to superannuation starts to increase. For those born after 30 June 1960 and before 1 July 1961 the preservation age is 56 years. See Access to superannuation
- a number of measures were announced in or leading up to the 2015 budget taking effect from 1 July 2015. They include:
- small business company tax cut by 1.5% (see Company Tax Rates)
- small business owner 5% tax discount (see Small Business Tax Offset)
- small business deductibility of certain start-up costs (see black hole expenditure)
- adjustment of work-related car expense deductions to remove the 12% of cost and one-third actual expense methods, and to fix the per km rate at 66 cents (reviewed annually), regardless of vehicle size (see Work Related Car Expenses)
- Family Tax Benefit Part A overseas recipients limited to 6 weeks in a 12 month period (intended start 1 January 2016: see DSS Fact Sheet)
- softening of superannuation release conditions for the terminally ill – 2 years life expectancy (see Access To Superannuation)
- zone tax offset – FIFO and Drive-in-drive-out workers to be denied the offset by the requirement that the normal residence be within a zone (see Zone Tax Offset)
- The CGT consequences on the sale of a business subject to earnout conditions have been simplified, such that capital gains and losses in respect of a look-through earnout right are to be disregarded. Legislation takes effect from 24 April 2015. See more here.
- Employee Share Scheme benefits taxing rules have been revised with effect from 1 July 2015, with a reversal of some measures which were introduced in 2009, and a new regime of concessions aimed at eligible startup companies.
This page was last modified on 23 Aug 2017