Tax Rates and Tables 2014

Related Posts:
Below is a selection of 2014 tax rates and tables for income tax, Medicare Levy 2014 and Medicare Levy Surcharge 2014, HELP Debt, Student Filancial Suplement Scheme (SFSS) Low Income Tax Offset, Senior Australians/Pensioner Tax Offset rates and thresholds, Mature Age Tax Offset.

For help with increasing your 2014 tax refund:


Tax rates 2013-14 (Residents):

Tax rates for 2014 have changed with the most significant change being the higher tax free threshold of $18200. In reality, the combined changes to income thresholds and to the Low Income Tax Offset results in little change overall to the previous year:


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

Medicare Levy 2014:

Note that the above tax rates do not include the Medicare Levy or Medicare Levy Surcharge, with the former increasing from 1.5% to a rate of 2% from 1 July, 2014 to fund the National Disability Care programme.

The general rate of the Medicare levy is now 2% of taxable income, subject to exclusions and reduced levy as per table below:

Taxpayer type
No Levy if income is less than
Single (no dependent children):
$20542
Couple with combined income or sole parent:

0 dependents
$32279
Each additional dependent child
$32279 +$ 3156 for each additional dependent

Medicare Levy Surcharge 2014:

The general rate of the Medicare levy Surcharge is 1% of taxable income and now varies based on certain income thresholds as per table below:



Unchanged
Threshold 1
Threshold 2
Threshold 3
Singles
$88,000 or less
$88,001-102,000
$102,001-136,000
$136,001 or more





Families
$176,000 or less
$176,001-204,000
$204,001-272,000
$260,001 or more





Rate
0.00%
1.00%
1.25%
1.50%

HELP Debt 2013-14:



HELP repayment income (HRI*)
Repayment rate
Below $51,309
Nil
$51,309 - $57,153
4.0%
$57,154 - $62,997
4.5%
$62,998 - $66,308
5.0%
$66,309 - $71,277
5.5%
$71,278 - $77,194
6.0%
$77,195 - $81,256
6.5%
$81,257 - $89,421
7.0%
$89,422 - $95,287
7.5%
$95,288 and above
8.0%


Student Financial Suplement Scheme (SFSS) Financial Supplement repayment thresholds and rates 2013–14:


Repayment income (RI*) thresholds
Repayment rate
Below $51,309
Nil
$51,309–$62,997
2% of RI
$62,998–$89,421
3% of RI
$89,422 and above
4% of RI

*RI= Taxable income plus any total net investment loss (which includes net rental losses), total reportable fringe benefits amounts, reportable super contributions and exempt foreign employment income.

Low Income Tax Offset:

Low income tax offset has reduced for 2014 along with a change to income thresholds as per the following table:



Income
Rebate Amount
Income <  37000
445
Income > 37000 and < 66668
 $445 -  [(taxable income - $37,000) x 1.5%]
Income > 66667
0

Senior and Pensioner Tax Offset



Max imum
Rebate Level $*
Shade-out
Threshold $
Cut-out
Threshold $
Single
2230
32279
50119
Couple (each)
1602
28974
41790
Couple (separated due to illness)
2040
31279
47599




* Rebate reduces by 12.5 cents for each $1 of taxable income above the shade-out threshold.




 

 

 

 Mature Age Tax Offset

Maximum amount of offset: $500

Age Eligibility: born prior to 1 July 1957

Net Income from Working Thresholds:

The rate of the offset is 5% for each $1 of net income from working. The maximum offset is reached when net income from working equals $10,000.

Maximum offset available where net income from working is in the range $10,000 - $53,000
Inclusive.
Withdrawal rate is 5 percent of each dollar exceeding $53,000, phasing out completely when income reaches $63,000.

E-tax Return

See these posts with tips, calculators and checklists to help you prepare your eTax Return (and get a better refund) with less hassle:
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Our Web Based Tax Return App will step you through all the necessary questions to increase your  tax refund and take into account all relevant tax deductions and tax offsets. Try it now. Its FREE to get started! 

Copyright 2014. My Tax Zone.