The following rates for 2014-15 apply from 1 July 2014.
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 rates do not include the Medicare levy of 2%

From 1 July 2014 the Medicare levy rose from 1.5% to 2.0% however, it is reduced for people whose income is below a certain threshold and in some cases you may not have to pay the levy at all. The thresholds are higher for seniors. If your income is above the thresholds, you may still qualify for a reduction based on your family taxable income.

Temporary Budget Repair Levy

As part of the 2014-15 Federal budget the Government introduced a Temporary Budget Repair Levy which is levied on taxpayers with a taxable income of more than $180,000 per year.

The levy is payable at a rate of 2% of each dollar of a taxpayer’s taxable income over $180,000.

It will cease to apply from 1 July 2017.

About MKG Partners

MKG Partners is a well- established practice located in the Southern suburbs of Perth. Our mission is to be a trusted advisor on matters concerning Personal and business taxation, Business Advice, Planning and Assistance, Superannuation, Corporate Compliance and Financial Planning

MKG Partners Locations

PERTH OFFICE
24 Augusta Street Willetton WA 6155
Phone: (08) 9354 6500
Fax: (08) 9354 6565
Email: admin@mkgpartners.com.au

MALAYSIA OFFICE
Sunway Metro, 24-1, Jalan PJS
11/28, Bandar Sunway, 46150 Petaling Jaya, Selangor
Phone: (03) 5613 6155
Email: admin@mkgpartners.com.au

About MKG Partners

MKG Partners is a well- established practice located in the Southern suburbs of Perth. Our mission is to be a trusted advisor on matters concerning Personal and business taxation, Business Advice, Planning and Assistance, Superannuation, Corporate Compliance and Financial Planning

MKG Partners Locations

PERTH OFFICE
24 Augusta Street Willetton WA 6155
Phone: (08) 9354 6500
Fax: (08) 9354 6565
Email: admin@mkgpartners.com.au

MALAYSIA OFFICE
Sunway Metro, 24-1, Jalan PJS
11/28, Bandar Sunway, 46150 Petaling Jaya, Selangor
Phone: (03) 5613 6155
Email: admin@mkgpartners.com.au

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