Tax Rates and Tables 2015

Related Posts:
Below is a selection of 2015 tax rates and tables for income tax, Medicare Levy 2015 and Medicare Levy Surcharge 2015, 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 tax refund and preparing your 2015 tax return:

 


Tax rates 2013-15 (Residents):

Tax rates for 2015 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


NOTE ==> An additional "Budget repair levy" of 2% applies where a taxpayers income is $180000 or higher.

Medicare Levy 2015:


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 2015:

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
$90,000 or less
$90,001-105,000
$105,001-140,000
$140,001 or more





Families
$180,000 or less
$180,001-210,000
$210,001-280,000
$280,001 or more





Rate
0.00%
1.00%
1.25%
1.50%

HELP Debt 2014-15:



HELP repayment income (HRI*)
Repayment rate
Below $53345
Nil
$53,345 - $59,421
4.0%
$59,422 - $65,497
4.5%
$65,498 - $68,939
5.0%
$68,940 - $74,105
5.5%
$74,106 - $80,257
6.0%
$80,258 - $84,481
6.5%
$84,482 - $92,970
7.0%
$92,971 - $99,069
7.5%
$99,070 and above
8.0%


Student Financial Suplement Scheme (SFSS) Financial Supplement repayment thresholds and rates 2014–15:


Repayment income (RI*) thresholds
Repayment rate
Below $53,345
Nil
$53,345 – $65,497
2% of RI
$65,498 – $92,970
3% of RI
$92,971 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

As per the announcement in the 2014 Federal Budget, the Mature Age Tax Offset is now abolished and no longer available for 2014-15 onwards.


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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A benefit of using eZtax, our web based tax return app, is we have the genuine online tools, knowledge and experience to get the best tax refund for our clients, making it easy to complete your annual tax return online.

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.