Australian Tax Rates 2015-2016

By  •  June 3, 2015 at 6:55 pm  •  0 Comments

It’s about time to lodge your tax for the 2014-2015 financial year.

Why not get ahead of the game and see what to expect for next year? There are several projected tax rate changes for the 2015-2016 tax year.

 

Australian tax rates for residents

For residents of Australia, there are a few updates to the tax scale:

  • tax free threshold will increase from $18,200 to $19,400
  • individual income tax rate for incomes above $37,000 but below $80,001 will increase from 32.5% to 33%.
  • Low Income Tax Offset will be reduced from $445 to $300

 

Below is a table to further show the tax rates for 2015-2016 as applied to residents.

Taxable Income Tax on the Income
$0 – $19,400 Nil
$19,401 – $37,000 19c for each $1 over $19,400
$37,001 – $80,000 $3,344 plus 33c for each $1 over $37,000
$80,001 – $180,000 $17,534 plus 37c for each $1 over $80,000
*$180,001 and over $54,534 plus 47c * for each $1 over $180,000

including the Temporary Budget Repair Levy

 

 Australian tax rates table for non-residents for 2015-2016

Note: the tax free threshold does not apply to non-residents.

Below is a table to further show the tax rates for 2015-2016 as applied to non-residents.

Taxable Income Tax on the Income
$0 – $80,000 33c* for each $1
$80,001 – $180,000 $26,400* plus 37c for each $1 over $80,000
$180,001 and over $63,400 plus 47c ** for each $1 over $180,000

* Carbon tax repeal legislation (when enacted) reduces the marginal tax rate from 33% to 32.5%

** including the announced Temporary Budget Repair Levy of 2% 

About the Author:

 

Leave a Reply