|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.